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I looked at a lot of these kinds of things and asked myself, "What should I have done, had I known what I know now? I concluded that there's no fool proof way of knowing in advance which ones will survive and what the new leaders will be. It's almost impossible to beat UPRO in a bull market, even with FANTASTIC picks.

You nailed my intention. The idea is that there times to row, when there is no tailwind, and times to set sail and let the market carry you. 2009 valuations levels would certainly be one of those times to set sail, though would not necessarily a catastrophic forest fire IMO. The way I'm counting value we'd be just a little below the 100-year average at those levels: http://tinyurl.com/y7hlbjpt
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