We were in a secular bear after 1929 also, but 33-36 were great years, the reinflation of the bubble. 2.5 year crash into 32, 33 was huge, 34 was flat, kind of like the past 4 years...35-36 were huge...37 the bear resumed. I know, things are different, it can't happen again, etc...I've heard this quite a bit. I still believe, even with modest s&p growth next year, the market's still significantly undervalued. I guess we'll know soon enough.
<<2005 will not be kind to buy and holders unless they are in short funds>>
Steve, I think it depends on the reason a person is holding a stock. When I first purchased KMP in 1993, my first dividend check was for $45, now eleven years later (with the same dollars invested, although the stock has split) I'm receiving $592 quarterly. KMP has raised their payout for seven consecutive quarters and has indicated that they plan on further increases, next year.
speak of short funds, is there a particular reason to BUY a short fund, over shorting the indexes? Except that I can only go long in retirement accounts;-)
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