Bull markets are based on climbing the proverbial “wall of worry”, and this cycle has been no different.
We have consistently argued over the past five years that the current bull market could be one of the biggest of our careers. Both investors and corporations continue to act conservatively because of the uncertainty caused by a litany of issues. Uncertainty is typically the engine of bull markets.
Here’s a subjective list of fifty concerns in this cycle’s “wall of worry”. Admittedly, we have grouped contradictory fears together to add a bit of humor, but we are not at all passing judgment on any particular concern. However, the list is long and has been relatively fruitless. One has to wonder when investors will grow tired of being so scared.
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