The Cycle of Deflation

Good Reading
"We have already exited the best environment for common stocks (disinflation) and have now entered the worst environment (deflation). The entirety of the stock market’s gains over the past 200 years can be attributed to the three periods of disinflation: 1920-29, 1949-66 and 1982 through 1999. The deflationary era that follows should be to common stocks what Monica was to Bill and what greed was to Bernie, Mr. Lay, and Martha"
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