"If you want to catch beasts you don't see every day,
You have to go places quite out of the way,
You have to go places no others can get to.
You have to get cold and you have to get wet, too."
- Dr. Seuss
As we enter 2017 and the beginning of the Trump presidency, the US equity bull market is almost eight years old. In fact, the eight years since the "great recession" has been a bull market not just in domestic equities, but in almost every global financial asset class. This is particularly interesting given how weak actual economic growth has been over the same timeframe.
Writing in July 2016, Kevin Kliesen of the Federal Reserve Bank of St. Louis commented:
"Although the current expansion keeps plugging along, the U.S. economy's pace of growth during the past seven years has been extraordinarily weak. Since…