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JP Morgan publishes a quarterly comprehensive market summary and one chart from January was particularly striking.
Following the Great Depression, the S&P 500 has demonstrated a pattern of 10 year plateaus followed by 20 year market advances. If the pattern holds, the most recent plateau phase ended in 2013 and we would be in the beginning stages of a 20 year advance.
Will the pattern hold? Who knows.
One thing we do know is investors who stuck it out through past plateaus were rewarded for their patience.
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