Such Great Heights

Everything seems perfectly aligned for global capital markets as we move toward the end of 2017. The economy is accelerating in what is being described as a coordinated global growth recovery, sustained inflationary pressures are supposedly on the rise, consumer confidence is soaring, corporate earnings are setting new highs, and risk asset prices are gaining across the board with historically low volatility. With everything so seemingly perfect, it’s difficult to understand both the supposedly urgent need for fiscal stimulus with sovereign debt levels already at historical extremes and why the global voting electorate remains seems deeply disgruntled in the ongoing search for outsider candidates promising to bring transformative change. Merely freckles across the worldwide backdrop that are all part of ongoing progress, I suppose. And with stocks leading the flight to such great heights, it is worthwhile to look closer into the earnings to explore the fundamental sources of its current rush of rocket fuel.

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