And the score at the bottom of the 7th (5th?) (8th?) is…

Posted on Aug 08, 2009 by WHC Bassetti in Letters

Indeed, who knows what inning it is?  Goldman hit this thing so hard so fast it knocked the ball out of the park.  Here are some statistics:  523 (elapsed) days, top to bottom, one long wave.  7729 Dow points lost, -55%.  You will remember the asymmetry of investment returns.  Lose 55% you have to make 119% to get even.  The rally is now 154 (elapsed -- about 113 trading) days long, 2901 points, +44.8% .  We saw waves like this in the "90s, but this whole thing has been an eyebrow raiser.

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