As we enter 2014, the five-year bull market in developed market equities remains in full swing. Recently, I argued that equities now look overvalued, but not egregiously so, and that the future of the bull market could depend on when the level of global GDP started to bump up against supply side constraints, forcing a genuine tightening in global monetary conditions.
在我们进入2014年之际，发达市场股市长达5年的牛市仍然动力十足。最近，我提出股票目前看上去估值偏高，但高得不算离谱。我还提出，牛市的未来可能取决于manbetx app苹果 GDP何时遭遇供应面制约，迫使manbetx app苹果 货币状况真正收紧。
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