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Real threats to US equity bull market are human

Current low volatility is a function of expected corporate earnings and interest rates

Bull markets should be big and broad. This one isn't, with stocks such as Amazon, Apple, Facebook, Microsoft and Google responsible for close to a third of the S&P 500's move this year.

THE current move higher for US stocks may look like a bull market, but it shares few characteristics with an actual bull. The real risks are entirely human and centre on how investors factor long-term uncertainty into asset prices.

One example is the "ageing bull" objection: Stocks have...

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