Happy 13th birthday to the Great Secular Bull

The note argues that equities remain in a secular bull market, supported by strong profits, ongoing technological change, and a policy backdrop that still steps in when stress appears. It sees AI as the latest growth engine, with earlier waves like cloud computing helping extend the cycle and possibly new themes such as space adding further upside.

Risks are real, especially from rich valuations, heavy capital spending in parts of tech, and the chance of a short-term correction after a long advance. Even so, the broader message is constructive: past bubbles have stayed contained so far, debt stress remains limited, and investors may still find equities more attractive than many alternatives.