Chris, I've never had the time to study Les' data closely. All I'm saying is that, since his data, so far as I know, comes from the post-bubble bear, we should be a bit cautious.
Why?
Because one of these times it really will be "different this time" and bear market data will no longer provide correct comparisons.
In fact, this time is looking quite a bit "different this time," so we need to be suspicious of everything.
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