Shaoul compares this U.S. stock rally to the bull market in the 1960s as described in the book “The Go-Go Years” by John Brooks. Aronstein uses Japan’s 51 percent stock market decline in the 1990s as a template for the potential fallout in emerging markets.
“Human beings don’t really change,” said Shaoul. “An analyst without historical perspective can do more damage than a good historian without analytic skills.”