The usual then, Nov. 2010, five years ago, and now charts;
On the left our expectation back in Nov. of 2010, bases on EW and supported by the fundamental view that there might be “stranded costs”. On the right what actually happened with that same expectation in a schematic form entered into the chart in green. Interestingly time was where things went wrong but this is known to be the Achilles heel of EW. All in all it took 4 years longer than expected but who could have known that the Fed. would run such a completely misguided, bull-headed zero interest policy for so long.
We are not there yet and with the takeover we may never get there. However if the shareholders/management persist in not wanting to face reality, it may happen yet.