Stock investors are like Vladimir and Estragon waiting under the tree for Godot. But, instead of two days, stock investors have been waiting for nearly eight years now. Day after day, year after year, they keep waiting and hearing from little boy analysts about how the “great rotation” out of bonds and into stocks may not happen today but surely will happen tomorrow. Yet, outside of the Pozzo and Lucky like distractions, such as the daily rise of S&P 500 Index beyond any reasonable explanation on many trading days, the “great rotation” of money flowing out of bonds and into stocks never actually takes place. Are stock investors today merely players in the capital markets theater of the absurd?
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