Here we go again

"So on we go, riding the wave of yet another recovery fueled by stimulus. They work great, until they don’t; sadly, the MSCI World Equity index trails money market fund returns since 1989, when Fed policy began in earnest to solve investment bubbles gone wrong by setting the real cost of money to zero. Today, a sober view argues for a portfolio with moderate exposure to global markets, but with a close eye on the fissures which did not exist at the inception of prior bull markets (e.g., 1947, 1962, 1982, 1991). Giga-stimulus carries the day for now, but the morning after may come sooner this time around…"