[dex]

Nice post. It is good to see that you put in a time frame into the post. Many people do not do that which can make their statements correct or wrong - depending upon the time frame.

I think you can get an idea of the length of the underperformance by how the decline happens. Generally, short and sharp downturn- a relatively short term underperformance; long and slow downturn - a longer period of underperformance. This is because people can handle a sharp pain and stay in the market but constant pain causes people to get out and not invest.

So I think we need to get a bit more of the picture to know the time frame for the underperformance.