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When fund managers makes statements like this...

"... [many market] inefficiencies persist for years due to the long-term nature of secular and structural changes [...]"

... I assume that they are not referring to declining church-attendance.

So, if they aren't using "secular" in its normal sense, what do they mean by the term?

7

According to Wikipedia:

In the finance industry, something done on a secular basis is done on a long-term basis, not a temporary or cyclical one, with a time frame of "10–50 years or more"

Source

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    Extra credit: Given the definition according the wikipedia, isn't the quote in the question the very definition of circular logic? "Market inefficiencies persist for years due to the long term nature of secular and structural change..." essentially saying, "Market inefficiencies last for years due to the long term nature of long term and structural changes?" – cgp Aug 23 '10 at 16:48
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Secular means a long term.

A secular basis is something done on a long term basis while a secular trend is a long term trend.

http://financial-dictionary.thefreedictionary.com/Secular

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