This is from my friend Dave Rosenberg. I suggest you read and study the latter part of this, as he talks about the psychological stages of change and why the market fuutre will not look like the past 50 years. It is what I have contended for ten years. It takes several incidents (whether earnings, shocks, or otherwise) to convince the majority of humans, even professionals (and maybe especially professionals, who rely upon models built on past performance) that the trend has changed. Then couple this with my letter this weekend!