This:
A series of random, unpredictable ups and downs.
The Great Recession was not caused by a the bursting of a housing bubble, because there was no bubble. It was caused by tight money.
When I started blogging in early 2009, I was told that the EMH was wrong because value stocks outperformed growth stocks. But anti-EMH theories are not useful to me, because as soon as I hear one it stops working.
PS. We’ve added the Hypermind NGDP forecast in the right margin of this blog. The current reading for the 2020 market is 3.05. That means market participants expect NGDP to grow at 3.05% between the first quarter of 2020 and the first quarter of 2021.