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After a brutal December, Dan Ferris rings in the New Year and addresses the question every investor is wondering: Where will the stock market go in 2019?

The best way to predict the future, he says, is to understand the present \u2013 and that starts with what he calls \u201cthe most expensive moment in the history of the stock market\u201d which we saw just last fall.\xa0

It\u2019s been costlier for investors than any equivalent moment in the Dot.com collapse or the 2008 crisis \u2013 and it\u2019s the best indicator Dan\u2019s seen of where stocks are right now. \u201cIf history rhymes\u2026 within two years, you see a big fat hairy bottom. Normal levels would be 60%.\u201d

\u201cThere\u2019s a lot of downside left if history rhymes.\u201d \xa0

Later on, they\u2019re joined by Mark B. Spiegel. Mark is the Managing Member & Portfolio Manager of Stanphyl Capital Partners and is a New York-based equity investor.\xa0

Prior to founding Stanphyl in 2011, he spent six years as an investment banker financing public companies. Prior to becoming an investment banker Mark spent a year working for a microcap Nasdaq tech company, and he began his career with 17 years in the commercial real estate industry where he experienced firsthand the opportunities and challenges faced by a wide array of client companies.\xa0

Mark believes that all these experiences\u2013 banking public companies, working for a public company and securing real estate for a wide variety of companies\u2013 combine to provide the kind of \u201creal world\u201d experience that\u2019s extremely useful for an investor.\xa0\xa0