To the ideas that flow from El-Erian's article, I would like to add that what we have today is not your father's "stodgy old" stock market. We only have to look at a few long-term stock charts to see price moves that are far from normal. Several events have come together to extend this long in the tooth economic expansion.



The most recent being the Fed doing a one-eighty and reversing its policy of slowly raising and normalizing rates. Those of us with decades of economic watching under our belt will testify charts can be used to validate almost any position. The article below points looks at how much this market varies from the long-term historic norm in an effort to make the case we on thin ice.



https://brucewilds.blogspot.com/2019/12/this-is-not-your-fathers-stodgy-old.html