How long and how deep will this AIM Bear Market go?

These markets are suffering badly from a global liquidity squeeze as central banks remove QE and hike rates. The media is enjoying pinning the blame on Truss and KamiKwazi but the real issues run a lot deeper. I'm not going to go into global macro mode, but it's pretty clear that we're now paying for all the Ponzinomics that have gone on for the best part of 20 years. Whether central banks can reintroduce the punch bowl remains to be seen - but I've no doubt that at some point these stock markets will turn around.

Given the above, and given we're all hurting in our equity portfolios, I thought I'd take a look at the FTSE AIM All Share history. I always think think that the AIM market is the best barometer of private investor sentiment in the UK - when its rising animal spirits rejoice, when it's falling those spirits retreat to their cave. Right now we're all in our caves.

In doing an analysis like this, one has to be very careful. You can't apply the lessons from the past unless they apply to the future. There is a real risk that there's a "regime change" going on. If...