How long can the bull run last?
Let us examine the bull case for U.S. stocks. It is always worthwhile examining both bull and bear cases. Of course we know there is no inflation, virtually. We know the economy is good, surprisingly good. If you pick up the help wanted section in the newspaper, employment is at an all-time high. Money is freely available. You can finance almost any kind of business project. And the U.S. economy is dominant in the world, as the U.S. itself is dominant in the world. Even the optimists among us have to be impressed at the markets power. Momentum is outstanding. It overcomes bad news in the technology sector, bad news in Asia with an uncertain development. An increasing period of withdrawal and isolation and nationalism around the world. And yet the market power is strong everywhereEurope, Asia, the United States. Money is flowing into equity funds. Short-term money flows are occurring without any transparency at ever increasing amounts. We have to be impressed with all of this. This is t
