It has flummoxed many investors since the calming of the financial crisis so many years ago. The economy has been consistently sluggish, corporate earnings have recovered but are no higher today than they were back in 2007, valuations have ballooned to historical extremes and countless structural risks abound. Yet stocks have done nothing other than push relentlessly higher in what has become the second longest bull market in history. And one has to look no further than one single chart to understand why this has been the case. But how much longer the forces behind this chart can continue to deliver for the market is increasingly coming into question.
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