Minding our P’s and Q’s

Relying upon Tobin's Q Ratio metric, Russell Napier claims (see this and this) that the S&P 500 Index will continue its fall until 2014. Napier explains the length of the downturn by pointing to the massive stimulus programs recently implemented by many governments and the inevitability of deflation.


jkiss said...

the black line says it starts in 2000, but now is 2008, so we should be eight years into the event, not what is shown.

Stephen Zielinski said...

One could claim that that the current crisis only continues the .com implosion....

But the chart probably should read: "2006-"

Thanks for pointing this out. I was sloppy to have missed it, and will remove it in order to avoid any further confusion.