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“There always will be bull markets and bear markets. The bull markets will be welcomed warmly and unskeptically, because people will be making money. These markets will be propelled to great heights, usually by the rationalization that “it’s different this time”; that productivity, technology, globalization, lower taxation – something – has permanently elevated the prospective return from stocks. The bear markets will come as a shock to the unsuspecting, demonstrating that, most of the time, ...