Happy New Year, Zeev ........ read your commentary ..... fascinating ..... " but I dont see that number until we go through at least three cyclical bear markets within the secular bear market, we are ...." a question ..... why 3 cyclical bears mkts ???..... as oppose to 2 ..... ?? i apologize if u mentioned it before ..... but i dont seem to find the explanation ...... thanks for your insight ....... cya david