Thoughts from the Frontline

Stock Cycles

By John Mauldin

November 26, 2001

Conclusions First
Understanding Stock Market Behavior
Growing Pains
Expansions and Expectations
Long Waves Explained (Finally)
New Orleans, New York and Costa Rica

Time to put on our thinking caps. This is an important and seminal e-letter, as it will help form the basis and rationale for future investment suggestions. Rather than focus on where the market is going in the next two weeks, today we are going to try to get an idea over where the market is headed in the next ten years. Armed with that information, we can more logically structure our portfolios to take advantage of the prevailing winds.

Warning: This is not a letter to read casually. I have spent almost three times the normal amount writing this letter. This letter reviews what will be some very new concepts to some of you. It may take some time. I think that if you take the time, you will be a much better investor in the future. The time reading this will pay off in your investment portfolio for a long time.

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