Summary: Bulls argue that the share rally that started in 2009 is a new secular bull market, buoyed by technological breakthroughs. Bears say the US stock market is overvalued, and on fundamentals it does look overstretched.
Key take-out: The bears might be right, but until stock markets breach their long-term price trends I shall stay in shares via ETFs.
Key beneficiaries: General investors. Category: Shares.