The Strength of the Secular Bull Market

What makes a secular bull market so strong? I think I mentioned the demographic impulse. The second is the household finances, which is also related to why we've somehow scouted a recession so far and the consumer remains. So you can have a 5% fed funds rate and the consumer is not stopping. At the same time, if you look at corporates, they extended their immaturities for their liabilities from five years to seven years. Their endoscopes of the share of debt is three and a half percent, the lowest since 1950. And then you look at the mortgage market, that's another phenomenal backdrop. We're under appreciating the amount of money still in the system.