I guess you're assuming the current market properly values the current economic condition, otherwise you could not assume the market movements from here are predicated on economic growth.
What about the growth since the COMP low in 1990 and the market's accuracy of pricing in that growth?
I think the market still has a serious disconnect with economic reality. Until that is resolved, I'm not sure I would factor in any anticipated economic factors, as they are outweighed by others.
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