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The 52 percent decline in the S&P 500 from October 9, 2007, through November 20, 2008, was enough to anticipate a very stiff recession. So if we are not in a depression, we are probably in the midst of a major buying opportunity.
I believe that stocks are fairly likely to be up 10 percent or more a year from now, and up 30 percent or more within three years.