Take a look at the total return on S&P vs 30 year bond. In
the next recession, would it be a surprise to see this ratio
come back below 2? So, after 40 years,
stocks
would have gone nowhere relative. So much for long run
A WSJ chart to mark ten years since the GFC (global
financial crisis) stock market low
This cycle has been like no other. US recovery is nearly 10
years old. Yet, M2 velocity kept going lower until 6 Q's
ago. Now inching up