-->>http://www.financialsense.com/editorials/gordon/2003/letter.html
I want to interject a very personal note at this place because my outlook on the global economy and stock markets was drastically changed in 1995 by discovering Robert Prechter’s precedent shattering book titled At the Crest of the Tidal Wave. It changed my understanding of stock market crashes and their ensuing depressions. It put my thinking of stock market waves in a completely new direction. From this great book, I had first learned about the Elliott Wave Principle, a brilliant discovery by Ralph Elliott in the 1930s that a fixed set of natural laws determined the formation of stock waves in every geographic market and in every time scale from minutes to centuries. Please read my essays, listed later, that deal with Elliott Waves. It is a very difficult subject, but imperative to a real understanding of investing.
The other great revelation that came to me in 1995 was the understanding from Prechter’s book that the stock market waves precede and, in fact, predict the great economic booms and busts that occur about once in each century. The present prediction from Elliott Wave theory is that the great stock mania that topped in 2000 will bring on a severe world-wide depression that will be deeper and last longer than the one following the 1929 crash. Having lived thru the earlier depression, I agree that this one will be far worse. I say this only to help prepare my young readers for what may lie ahead. It is far better to be prepared than surprised.
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