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Cheap Shmeep

Lombard Street Research is out arguing that this is about as good as it gets with respect to the cheapness of stocks. It says that the US market has only been cheaper for 26 months in the last 140 years. When were those periods? They were in 1920-21, 1932, 1942 and 1982.

I’ve been arguing we’re overdue for a major technical bounce, but that is different from saying that U.S. stocks, while cheap, won’t and/or can’t get cheaper.

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