According to TS Lombard, the current period is now only the third time in US history - after 1968 and 1999 - in which equities have made up a larger percentage of net worth than real estate. While this may be good news for holders of stocks, it may not last: as TS Lombard observes, sharp bear markets followed shortly after 1968 and even sooner after 1999. And with housing peaking - if BofA is correct - share prices remain the only driver behind continued economic growth, prompting TSL to conclude that "the US economy can not afford a bear market."
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