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Lessons of a Bull Market That Never Happened

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Ten years after James Glassman and Kevin Hassett published Dow 36,000: The New Strategy for Profiting From the Coming Rise in the Stock Market, the Dow Jones remains lower than its 1999 value. The WSJ offers seven lessons investors have learned from the lost decade. And where do we go from here? "The good news is that markets are no longer anywhere near as overvalued as they were 10 (or two) years ago. Global markets, which hit a peak of about 25 times forecast earnings in early 2000, are now a more reasonable 16 times."