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"Core inflation tends to fall two to three quarters after the recession ends," Mr. Applegate said.
He said the valuations of venture capital investments could experience a "correction" over the next two to three quarters.
"The bank will probably keep rates on hold in the next two to three quarters," he said, referring to Japan's central bank.
It will probably take two to three quarters to work out the inventory problem, which says that sometime by the end of September the inventory correction will be over.
"With housing activity a good leading indicator for durable consumption, and the economy balanced two to three quarters since the start of monetary easing, housing gains may point to stronger consumption ahead," Peter Kretzmer, senior economist at Banc of America Securities, wrote to clients.
His target: "$23 or less within two to three quarters".
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The chief executive of Cisco Systems, John T. Chambers, said yesterday that a recovery in the telecommunications industry would lag behind a rebound in the broader technology industry by two to six quarters.
"For enterprise infrastructure startups it can take two to four quarters of testing a product to bake it and another two to four quarters to hit scalable sales metrics.
"We have a lot of hard work in front of us and as we reset, we expect to see more volatility in our business than we would like over the next two to four quarters".
According to Peskin, Intel has broken out of a five-quarter consolidation, and by looking in the rearview mirror, he expects Intel stock to make an upward move, which could last anywhere from one to three quarters.
The next four to six quarters will give you weaker year-over-year growth.
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