This column appeared earlier today on RealMoney . Click here for a free trial, and enjoy incisive market commentary all day, every day.Since housing peaked in early 2006, I haven't had a nice thing to say in my fund's quarterly letters about the economic outlook. Though I did not predict the degree of financial Armageddon we got, I consistently predicted that the housing bubble would end badly both for housing and the economy. Still, for the first time since housing and the economy peaked, I believe I can see the end. Getting there requires painful adjustments and, I suspect, a lower stock market. However, we will get there, and a recovery will follow in spite of what the most bearish analysts suggest. In the short term, my focus remains capital preservation. However, even though I remain bearish, looking beyond the current gloom is as important to me now as it was to look through the housing bubble as it inflated. I know that approach generated better returns for my investors since the market peaked, and I believe it will enable them to profit more after the market troughs. With that in mind, in my most recent quarterly letter I shared with my investors my checklist for a turn; what follows is a slightly expanded version of that list.