What changed
SECULAR BULL MARKETS ALWAYS END WITH A VALUATION REVERSAL, EITHER BECAUSE THEY REACH BUBBLE LEVELS UNSUPPORTED BY FUNDAMENTALS (1929 AND 2000) OR BECAUSE THEY GET DERATED BY INFLATION (1968). WHENEVER THE CURRENT TREND COMES TO AN END (HOPEFULLY NOT ANYTIME SOON), IT WILL LIKELY BE FOR ONE OF THOSE TWO REASONS. PERHAPS IT WILL EVEN BE BOTH, IF THE TWO TAIL RISKS MANIFEST AT THE SAME TIME. BUT FOR NOW, VALUATIONS ARE SUPPORTED BY THE FUNDAMENTALS OF MARGINS AND CREDIT SPREADS, SO LET’S ENJOY T