Word: marketeers
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Dates: during 2000-2009
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Investor Jim Rogers frequently says on television that we are in a long-term bull market in commodities and that this is the asset class that is really going to perform. Do you agree? I'm agnostic about it. I can see the validity of the argument, that it is different this time in commodities, but I don't have a strong conviction about...
...stock market is up nearly 50%. Many bulls say there are hundreds of billions of dollars sitting on the sidelines that will come in, pushing the market higher. Do you agree? We've been through a secular bear market that really began in 2000. Adjusted for inflation, the S&P 500 is down 65% since then. We've been through the worst 10-year period of stock returns on the S&P in the history of American equities. But I think we saw the bottom of the secular bear market [at the March lows]. My view is that the money...
...bottom in March, does that mean better times are ahead? Just because we made the bottom of a secular bear market doesn't mean we're in a new bull market. The history is that when you make the bottom of a secular bear market, in almost every situation, there has been a huge rally followed by a long period of churning back and forth in a big, broad trading range, anywhere from three to - in the case of Japan - 18 to 20 years. As for the rally, the usual rebound rally after one of these things is 71% over...
Sort of like the '60s and '70s, when the stock market really went nowhere. Is that what we might be headed for longer term? Yes, exactly. That bull market really peaked in 1965 or 1966 and then it churned back and forth - and inflation ravaged it, even though the nominal prices didn't collapse as much. But the Dow Jones average didn't set a new high until...
After I left Pyongyang, I began searching for a journalist willing to pose as a chocolate consultant. Eventually I found Antoine Dreyfus, a reporter for a French weekly. He would travel to North Korea under the pretext of doing a market study for the confectionary industry. I would return to Pyongyang with him, playing his assistant with a background in product marketing...