The US bull market has further to run

The magic dust of modern business, digital technology, has flooded big US companies with excess cash and lifted sustainable price-to-earnings ratios. The S&P 500 could easily crack 2500.

Stocks may be in Northern summer correction but the bull market is not ​done​. Digital technologies permit businesses to use investors’ cash far more efficiently these days, and could ultimately push up stock prices 25 per cent from their recent highs.

Henry Ford had a great idea -- an inexpensive assembly line vehicle -- but he needed vast amounts of capital and decades to erect factories, cultivate suppliers, and establish a national dealership network.


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