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Article: Money: For most of us, bear markets have to be endured if the fruits of the bull market beyond are to be enjoyed. In other words, no pain, no gain
- Article from:
- The Independent (London, England)
- Article date:
- January 18, 1997
- Author:
CopyrightCopyright 1997 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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We all know - or should do by now - that we are living through
one of the great bull markets of this century. But how abnormal is
it, and what are the implications for investors?
One man who has dared to try and put the current bull market in
its long- term global context is Dr Sandy Nairn, who runs the
Edinburgh office of the Templeton fund management group. By
analysing the performance of the Morgan Stanley world stock market
index from 1954 until the present, he has produced some fascinating
new data about the length and magnitude of market cycles in the
post-war period.
His definition of a bear market is one in which the market
indices fall by 15 per cent or more, measured from peak to ...