The Falling Uncertainty in the Stock Market

Last year is a perfect example. At the beginning of the year, you got 16 Republicans running for president. Nobody knows who's going to nominee going to be. And as you extend those forecasts further out into the future, people become more growth-oriented. The IPO market is not been buoyant because, you know, in the John Templeton phraseology, bull markets are born on pessimism, growing skepticism, mature on optimism, and diavuphoria. We clearly have had a very long bull market that's been what I've referred to for a long time as the most joyless bull market"