They've also accumulated the type of experience that's worth reading about. Because it is so different, it's difficult to guess how deep and prolonged the lull is likely to be. But it's the question on everyone's mind.
Most economists offer comforting words.
They predict an upturn starting this fall. Hoisington warns the downturn will be long and painful. The economy will dip in and out of recession and remain in the doldrums for at least one, and probably two, years. Economists can pursue theories, and if they're wrong, they can revise their projections. Money managers can't look back.