Stocks May Not Crash Spectacularly but May Zigzag Lower in Agonizing Ups-and-Downs, for Decades

``This can go on for many years -- a brutal zigzagging lower that never quite offers the buying opportunities because too much money jumps in too soon to turn selloffs into rallies that then fail. Japanese stocks have gone through this since 1989 despite the Bank of Japan's umpteen rounds of QE and endless interest rate repression. And they're still going through it, with the Nikkei down nearly 50% from its peak almost three decades ago.''