The key ingredients for this bull market began 40 years ago when Nixon abruptly abandoned the gold standard in 1971 and gave birth to the fiat monetary system that currently exists. Without the unfettered and conscious free reflationary policies set in motion by Nixon – the world would look vastly different than it does today. For better or worse, Tricky Dick set us on course. He also brought us to China – another key ingredient for this bull. Ironically, a brash politician gave birth to this market and an impotent one will likely kill it. There may be credit expansion available for the corporation today, but there is certainly no political capital left over from the stick save of the financial system in 2008. So enjoy it while it lasts.
But alas, I digress. The Constructive Interference Market Theory.