I've read the book. I found it to be well researched and thought provoking. Whether his prediction of a long term secular bear is correct or not we will have to wait and see. However properly assessing value plays in a bear market has worked in the past (it worked from 2000-2003 also) so I no reason to be "out of the market" if actively managing a portfolio. On the other hand, if most of your money is tied up in index funds, being out of the market may be the best idea.
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