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The Dow 30 Industrial stocks provide the best illustration of what we mean. When we talk about pre Persian Gulf War valuations, we do not mean pre Persian Gulf War levels in the 2000s. Instead, we refer to the multiples of our proprietary metric that prevailed during that era, which would put the Dow below 20,000, and (probably) somewhere above 15,000. There is a fundamental reason why we should return to say, 1980s valuations. What's happening is the current unwinding of the post Persian Gulf War elevation, signalling that the "New World Order" of George