Inconvenient truths that the stock Perma-bulls will never acknowledge: wave after wave of Kamikaze efforts from global central bankers, and still bond returns have trounced stocks since 2009. No wonder they are growing increasingly depleted and desperate. Just imagine how this chart will look once stocks do suffer their next big cyclical decline which arrives every 3-4 years during secular bear phases. But then again, maybe the bulls are right, maybe another decline will never come! Maybe the central banks will be able to keep stocks at this new “permanently high plateau” indefinitely. Maybe this time is different.
Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.