okay, open minded post to bears & bulls alike.
Based on my economics studies at university a gazillion years ago, unless you have deeeeeeflation, isn't there a constant, upward bias on stock prices and/or the asset classes they represent ?
As the money supply expands (m1, m2, m ??) ??
Corporations trying to get best return to stockholders via stock prices by maximizing profits/efficiencies ?
And arent' the indexes the best of the best ? I mean, if a stock underperforms, can't it be removed from the index, replaced by a better performing company typically in that sector ?