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Bull markets need fresh blood to drive higher

Dearth of initial public offerings bodes ill for longer-term returns
Chris Watling at Longview Economics makes the case that a US secular bull market began in 2012 and will continue as the process of policy normalisation by the Federal Reserve continues. This does not preclude the risk of cyclical bear markets, which we flirted with at the peak of the sell-off in December, but he contends that over the long haul, the US looks promising.
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