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The revisions are measured relative to expectations on January 15. The figure shows the bound for the S&P 500 in blue and the bound for Euro Stoxx 50 in red. The lower bound bottoms out around two to three years into the future, with expected dividends being revised down by as much as 43% in the US and 50% in Europe. The lower bound increases from year 4 to 10, which is consistent with investors expecting rebound growth after the recession. 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