For the sake of argument, I'm curious what the "grumpier" folks out there see as the end game for US equity markets. Here's a broad strokes outline of one possible (likely?) scenario I see, I'd love to hear what some of the rest of you think. I would request that people post their own prognostication, rather than take issue with other people's. Given the realities of the energy plateau, I see US GDP stabilizing at a point roughly 30% lower than it is today, with only small variations to either upside or downside for at least a couple of decades. Call it $10T GDP. Which I believe comes out to right around $30k per-capita GDP. (Yes, this would obviously have huge ramifications for the rest of the world. For starters, China will be starving and quite possibly in civil war.) That's roughly a 1997 level of economic activity. Per-capita, Dow averaged about 7k at the time. The lack of growth I treat as a 1/3 hit on multiples, so call it Dow 5k as a level it can more or less stabilize around.