What Happened in a Three Year Bull Market?

In a normal bull market, the main actor is earnings growth. Earnings r 70 % of the driver for valuations and the multiple is the other 30%. We reverse that in that three year period from the end of 20 eighteeno 20 21. The game changer here is if inflation starts to run away. And we're not quite there yet, but we're getting close. That really ties the fed's hands. They won't be to provide all of that stimulus and liquidity. So you've got a market with white swaths of the economic sensitive stocks like utilities and consumer staples. It's a bare-bones bear market which is just an information beast on its own.