Macro Tourist Markets

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

"I have spent my entire career immersed in a giant bull market. I know nothing different."

[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 darkside, but investors should be aware of the long-term headwinds facing equity markets. I was a little kid in his pajamas in the late 1970s, but I still remember staying up for the first intermission of Hockey Night in Canada to watch Peter the Puck. Then, as I got a little older, I recall spending Saturday night watching hockey, hoping for a bench-clearing brawl. As an adult now, I recoil at thinking fighting was more entertaining that actual hockey, but so goes the mind of a young Canadian boy. However, on May 24th, 1987, hockey changed forever. That night during a playoff game between the Montreal Canadiens and the Philadelphia Flyers, Claude Lemieux and Shayne Corson sneaked on the ic
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