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George Noble: A 20-50% Market Crash Is Coming
Forward Guidance
Earnings Estimates Are Already Falling
If the SAP wasn't below 3000 in the next three months, we are really looking at a two-phase bear market. We've gone through liquidity-driven contraction and PE compression as rates go up; that game's not over yet. I think people are going to be surprised, very surprised by how much they fall. The element of time where investor expectations get dashed will cause people to change their behavior.
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