". . . The chart above, via Nomura research, shows the US household asset ratio between real estate and all other assets, with overwhelming majority of the "other" being equities. We can see that households are currently underexposed to real estate and therefore an assumption could be made that this asset will experience favourable attention in the future, relative to others. But, what does that mean for the stock market? Well, last time we saw a similar occurrence, stocks struggled. During 1966 to 1968 as well as during 1998 to 2000, the US equity market peaked out and entered a decade long sideways secular bear market range. Will this time be different? . . ."
http://theshortsideoflong.blogspot.com/2012/12/currency-market-positioning.html
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