I have been reading your daily comments for a couple of years now. You have
very eloquently described the playing out of this bear market. Your calls
have been on the money and have saved myself and countless others a good
deal of money. However, I am concerned about yesterday's comment. All
throughout this bear market, you have described the 3 phases of a typical
bear market. Without hesitation, you have stated that we would one day
enter into the "capitulation phase". Judging from yesterday's comment it
appears that you are saying we may never have a phase like that. Am I
reading this correctly? If so, what caused the change of conviction? Don't
all major bear markets end in a stage where investors just give up?
Thanks for any reply. Keep up the good work. You guys are fantastic!