Dear Speculators, The Nigerian stock market has moved steadily in one direction since July, 2014 and this direction is not up! The downward spiral in the market is now only a few months away from clocking three years, yet when you stretch the time horizon backwards, things haven’t been rosy either. The stock market All Share Index currently sits at the same level it was in May, 2004, that is now 13 years ago! In English, that is over a decade of zero growth in the broad market. Another similarity between 2004 and today is that the Nigerian ec onomy was in a recession in 2004 and is currently experiencing a recession in 2017 that started in 2016 . Interestingly , the All Share I ndex is currently less than half its level in March, 2008. Whereas most W estern stock markets have already recovered losses sustained during the global financial market meltdown in 2008. In dollar terms, the market is down over 60% since 2004. Not to say that stock market investing is a bad