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No Fan of 90s Miracles'

Traders Magazine, July 2001

Kathryn M. Welling

James W. Paulsen is the chief investment officer of Wells Capital Management. Also a Ph.D. in economics. Despite that considerable handicap, he also happens to be an engaging fellow and a clear thinker refreshingly willing to stake out a position untrampled by the herd. To wit: the '90s were considerably less-than-nifty. The decade's celebrated profits growth and the bull market it spawned diverted attention from what was (and is) seriously lacking: Demand growth. KMW Jim, did we understand your May piece correctly? For all its roaring bull market, persistent disinflation, high employment rates, booming profits and even the first government surplus in decades, economic growth in the 1990s was actually pretty punk?

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