At some point the equity market will start moving higher and keep going, to fantastic levels perhaps, if a serious inflation sets in. The stock markets in the Weimar Republic were spectacular, if one ignored the reality behind the appearance. We think it is far too early in the game for this, but are keeping an open mind to all possibilities.
But before then, I think we have a date with Mr Stockmarket Crunch. I just don't know when that date is.