Charting the return

The S&P 500 has climbed from the abyss of 2009, when it had lost more than half its value, to within 5 per cent of its all-time high. This comes as no surprise to David Ranson, president of Wainwright Economics, who maintains such recoveries follow an empirically predictable trajectory. He explains his theory and where it shows buying opportunities to Long View columnist John Authers.