I concur to Iain's comments, you are on something. Liquidity has to go somewhere, and it is evident that liquidity went to financial and some hard assets (2-3 months ago I read an article saying that Whiskey had been the best performing hard asset with 582% gain over the past 10 years - 48% in 2018 alone!).
This extensive email continues in the Subscriber's Area.
Thank you for this detailed account of the global macro environment. We have long characterised this bull market as liquidity fuelled and that is as true today as it was back in 2009. The clearest conclusion therefore is that we have to be alert to the liquidity environment because the asset price inflation which has been the primary contributor to this bull market is dependent on it. In other words, markets are addicted to liquidity and like any addict, withdrawal would be painful.