When it comes to the recent market turmoil people are quick to make two comparisons – 1998 or 2008. Both were “crisis” type events that led to big stock market declines and substantial economic turmoil, but 2008 was far more traumatic. There are some important distinctions between the two environments so let’s look at the macro picture and see if we can’t better understand where we are and where we might be headed. I should start by pointing out that the only reason this website even exists is because of 2008. For those who have been reading me for the last 5 years thinking I am a permabull I can assure you that’s ... (full story)