Tyler over at Zero Hedge has an excellent chart from David Rosenberg at Gluskin Sheff comparing the secular bull in 1982 with the current environment. It clearly shows why we’re not in a new bull market. Though I agree with Rosenberg that the market remains in a secular bear, the power of money printing is likely to keep showering markets with kool-aid. Combined with very low earnings expectations and Mr. Rosenberg is likely wrong in his timing once again.
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Source: Gluskin Sheff
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.