Thoughts from the Frontline

Bull Market or Bear Market Rally?

By John Mauldin

June 20, 2003

Serial Bubble Blowers
Bull Market or Bear Market Rally?
Secular Bear Markets By The Numbers
The 20 Year Horizon: The Real Long Run
The Volatility Gremlin
The Eagles Have Landed

This week I want to briefly look at some comments by Stephen Roach and Rob Arnott, two of my favorite analysts. Then we quickly segue into Part One of a series showing the relationship between stock market returns, P/E ratios, inflation/deflation and the economy. This is some of the more practical and significant research I have written about in the last few years, and I think you will find it very helpful in developing your own investment strategy.

I quickly note that I will be on CNBC with Ron Insana this coming Tuesday at around 5 pm eastern. I trust it will be an interesting interview for you to watch. Now, on to the letter.

Serial Bubble Blowers

The dramatic fall of the Japanese Bond market this week, plus the rather high-pitched statements from the Bank of Japan suggest the Japanese Central Bank is close to the end…

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