``Investors have already enjoyed most of the likely benefit of QEternity. It's possible that continued quantitative easing will help to mute the potential for sustained market weakness until investors have a sense that the Fed will discontinue its purchases, but in my view, the likelihood of further material gain is limited. With no prior 6-month losses to recover, it seems likely that other factors will exert a stronger effect on market returns going forward than if the Fed's easing had been initiated in response to a major low.''

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