I think you have missed the elephant in the room. The worldwide adoption of reckless profligacy and subjugation of the free market as an economic lodestar has led to extraordinary world debt levels which in many cases will prove unserviceable. The policy will prove to have been a chimera.The six-year party has been fun but has led to the serious inflation of assets, most visibly in stock market indexes.
Reversion to the mean may be deferred longer but my feeling is that the process is underway. In the US, it is noticeable that the market is slowly starting to understand that earnings ratcheted up by acquisitions, and buybacks at inflated prices, do not give a true picture of real earnings at all. Chinese growth is unknown; it could as easily be 3% as 7%. Japan is on skid row. The life of that weird currency without a polity, the euro, is finite. And in emerging markets…
In the country of the blind, the one-eyed man is king. I am glad to invest in America but I think we are all going to have to be careful now and work much harder.