The Old Normal: Presenting 140 Years Of Market Cycles
Submitted by Tyler Durden: Edson Gould, deceased author of the
once-famous Findings & Forecasts investment newsletter often said
that "History always repeats, only the details change". This insight, a
handful of carefully chosen technical indicators, and a deep
understanding of crowd psychology enabled him to make some remarkable
calls during his career. The graphic below, courtesy of Addogram,
plots Gould's "Sentimeter" ("the market price of $1 of dividends") the
inverse of the US 10-year Treasury yield, the gold price and an index of
commodity prices. Needless to say he was quite right; "History always repeats, only the details change".
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