LONG: It certainly won't happen overnight, and even if it does, the market will be slow pricing it in. Along with the fundamental structural changes I alluded to earlier, are changes in ways the market is perceived.
Prior to the market's collapse, risk was high, but perceived risk, was low. Now risk is actually low, but investor's perception is that risk is high. If they think that there is more risk, then they will price financial assets accordingly, and demand cheaper valuations. However, sometime between 2010 and 2015, the secular bear will bottom out, and there will be some, once in a lifetime buying opportunities.
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