Your introduction says it all: "by perma-bear Nouriel Roubini". The average annual return of the S&P 500 Index has been 10.83%, since its inception in 1957.  Like a broken clock which is right twice a day, Roubini and his ilk have got to be right sometime,,,and they make their living with the MSM, and now a website in his case, based on occassionally being right.  Dean Baker makes a good point that many were caught in the euphoria of the tech boom, but that was the end of a 10 year market run, and if you went with a permabear, you missed the whole thing.  You're far, far better off just putting your money in the S&P 500 and the MSCI EFA and let it ride than listening to this yoyo.