We have reported how investment gurus now compare 2015 to 2007. And that gives us the heeby-jeebies. But Ned Davis Research helps us to put the record straight (our brief summary below). The 2 periods are apples and oranges, chalk and cheese. Only one 2015 factor apes 2007: an equity earnings yield of 6%. In investment life, anything can, and usually does, happen. But it's far from game, set and match to the bears. 

David Fuller's view

Here is Iain Little's Letterhttp://www.global-thematic.com/eflyers/diary_cover.htm

If you are interested in this topic, do not miss Iain’s summary of Ned Davis’ points, in his letter posted in the Subscribers’ Area.

I discussed this situation on February 4th after reading about it in an earlier edition Iain Little’s letter: Oh Dear, An Odey Idea.  Additionally, a day later I received an excellent email from David Brown, mentioning the inverted yield in 2006-2007.    

No doubt this topic will come up again on 23^rd February at the Markets Now, where both gentlemen will also be speaking.  I look forward to it.