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John Percival, academic director of Creating Value Through Financial Management, says managers and investors need to be prepared for a long downturn if past experience is any indication. He compares the current economic environment to when the bubble burst in Japan or the U.S. recession in the 1970s. In each case, it took more than a decade for the economy to recover. "This could last for a long time," Percival says. Japan is not a perfect analogy but a fairly good one. It has taken them a decade to recover, and there is some question about whether they have fully recovered.
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