Death of Equities?

The reports of my death have been greatly exaggerated.

Mark Twain

Given how long it’s been since my last real post, you might be tempted to think the above quote is a personal response.  Appropriateness to my own circumstances aside, the quote is actually a not so subtle invitation to debate the current state of the stock market(s).

On one hand, you have these folks (among others) who contend that we (for purposes of this discussion I am focusing primarily on the United States) have seen the best days in equities for quite some time given the demographic and asset allocation changes we are undergoing.  In essence, the baby boomers are becoming net extractors from fund holdings and will be for some time to come as they move deeper into their retirement years.  Others argue that a raging bull has begun anew and you are best advised to hop aboard before you miss the train…

Since I have never been particularly adept at catching moving trains, nor do I have a strong aptitude for pinpointing broad demographic and macro changes by synthesizing nearly endless streams of data points, I will just appreciate my short term trading and leave the “big thinking” to those more suited to it…

Still, I am curious what others think and, more importantly, why they think it… To that end, feel free to share your thoughts (vent?) in the comment section below…