Here is a link to a "Seek Alpha" article that takes the other side to this extended Bull Market. Interesting read . . . "Consider the following. One characteristic that has historically defined bull markets in U.S. stocks is the strong correlation between rising stock prices and the net inflow of funds from retail and institutional investors into the domestic equity market. But according to data from the Investment Company Institute, what has been unique about today’s bull market dating back to its inception in 2009 is that we have seen a steady net outflow of funds from investors into the U.S. stock market. For example, since the start of 2015 – a time where stocks as measured by the S&P 500 Index (SPY) (SPY) have risen by +30% on a dividend adjusted basis – we have seen net outflows from domestic equity mutual funds and ETFs by retail and institutional investors of more than -$200 billion. This is the exact opposite of optimism, much less any sign of euphoria.
"So what then has been driving U.S. stock prices (DIA) higher for so many years? Easy money from global central banks and rampant corporate share repurchase activity that has more than offset the steady net outflows from retail and institutional investors throughout the post crisis period.
"Put more simply, the average investor never really returned to the U.S. stock market during the post financial crisis period with any sort of conviction in the first place. So what is going to cause them to dramatically reverse course and suddenly become euphoric before it finally comes to an end?"
"All that the South has ever desired was that the Union, as established by our forefathers, should be preserved, and that the government, as originally organized, should be administered in purity and truth." – Robert E. Lee
