As we enter 2014, the five-year bull market in developed market equities remains in full swing. Recently, I argued that equities now look overvalued, but not egregiously so, and that the future of the bull market could depend on when the level of global GDP started to bump up against supply side constraints, forcing a genuine tightening in global monetary conditions.
在我們進入2014年之際，發達市場股市長達5年的牛市仍然動力十足。最近，我提出股票目前看上去估值偏高，但高得不算離譜。我還提出，牛市的未來可能取決於全球GDP何時遭遇供應面制約，迫使全球貨幣狀況真正收緊。
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