Rosenberg on stock-commodity cycles

In Cocktails with Dave (.pdf -registration required), Gluskin-Sheff's David Rosenberg waxes philosophically on the public's enduring (but clearly misguided) fascination with equities now that we have about reached the mid-way point in what can only be characterized as a secular (long-term, as in 18 year average) bear market.

The following graphic is provided as Exhibit "A".
Rosenberg notes: "This does not mean that cyclical bull markets cannot occur – they did even in the 1930s and in Japan in the 1990s ... But what is critical is that in secular bear markets, rallies are to be rented, not owned; whereas in secular bull markets, selloffs are to be treated as opportunities to build long-term positions at better price levels."