 "Illustration by Ajay Mohanty")
We are now in the eighth year of the ongoing economic expansion in the United States. This is already the third-longest expansion of the post-war era. Given how extended this cycle is, inevitably some thought must now be given to when and how this comes to an end. Business cycles have not been abolished. We will invariably at some stage have a recession, required to cleanse the system of excesses and then start the cycle once again. A recession is not a trivial matter for financial markets: Earnings will decline and equities will move into a bear market, declining by
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