All News Is Good News When the Market Keeps Ripping Higher

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Streetwise: The inexorable logic of a late-stage bull market means future returns will be lower than in the past, even if a recession can be avoided for now

Investors have short memories, and right now they are busy forgetting everything that supported the market over the summer.

Just a few short months ago, there was a twin argument for why U.S. equities were so high: First, the S&P 500’s defensive stocks provided ballast. Second, there is no alternative to stocks with bond yields so low . Those two factors kept markets near record highs, never mind the escalating trade war and the dire outlook for global growth over the...

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