"This is one of the 5 great buying opportunities of my lifetime" he said. They are: 1973-74 – Vietnam War, double digit unemployment and inflation, recession, OPEC embargo and soaring oil prices, constitutional crisis, Watergate, interest rates soaring. 1982 – Iran situation, extreme (peak) inflation, unemployment over 10%, Volker Recession, 21% prime rate, federal funds rate near 20%, correct CPI error (2% overstated). 1987 – Black Monday, market lost 20% in one day, computer driven program-trading hedging-model fiasco, contractionary monetary policy, institutional portfolio insurance gone awry. 2007-2009 – The Great Recession, subprime mortgage lending crisis, “liar’s loans”, CDOs, MBOs, AIG, credit crunch, bankruptcy of Bear Stearns and Lehman Brothers, international monetary system in jeopardy, US financial firm failures Washington Mutual, AIG, Merrill Lynch Bank, Countrywide, Wachovia, National City, Commerce Bancorp, Freddie Mac, Fannie Mae, bailouts, TARP and QE. 2020 – Worldwide Coronavirus outbreak, resulting economic recession. Bill thinks the selling is near an end and it's time to buy by phasing in your purchases . He said "It takes a lot to maintain a panic - because it requires a constant dose of new, bad news."

The Bull market is coming to an End A mid-year slump is coming --- down about another 15% from here (we are down 15% now, so that is calling for a decline of about 30% overall). Currently, a) the consumer is pulling back – avoiding travel, avoiding going out in public, avoiding meetings, etc.; b) lower oil prices are leading to lower oil company earnings; c) bank earnings are on a downtrend due to lower interest rates; and d) the technology sector is guiding earnings down. (So, this is the Goldman Sachs case for lower S&P 500 earnings, lower stock prices, and is what will bring the bull market to an end.) Goldman Sachs' estimate of S&P earnings has been lowered from $174.00 to $165.00 a few weeks ago to $157.00 today, about a 5% decline today, or 10% overall. By quarters, · second quarter earnings down about 15%, analysts expect up 3% · third quarter earnings down 12%, analysts expecting earnings up 8% · leads us to a 2450 S&P 500 target market-price · bull market will end soon · it’s rare that the market moves up when earnings estimates are moving down · so, there is a wave of negative earnings revisions to come · revenues coming down, too · things are deteriorating pretty rapidly right now · fourth quarter will probably get better · earnings typically fall by a median of 13% in the average bear market · full recovery by next year 2021, predicting11% recovery next year

How many of you think it is NOT possible to beat the market?