Barry is operating under the assumption that we are entering a cyclical bear market, which began around the time that he started shading the graph red. He also

Barry is operating under the assumption that we are entering a cyclical bear market, which began around the time that he started shading the graph red. He also says that it's possible that the current bear market could be over soon, but it would be historically unprecedented. Personally, I take a lot of stock in what he has to say. He's a great economist and commentator on the markets.