The ‘Long-Term Stock Market Bear Argument,’ As Told By A Pro

[Editor's note: As many readers are likely aware, fan-favorite Kevin Muir - formerly head of equity derivatives at RBC Dominion and better known for his exploits as "The Macro Tourist" -  recently transitioned his daily letter to a subscriber-only format. On Monday, I asked permission to republish his latest, which he granted on a one-off basis. Think of it as a "special occasion". The following is available exclusively to his subscribers and mine.] Don't mistake this as a shift to the darks