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These are strange and unique times. We are nearing the end of a long-term, central bank-driven debt cycle. Much of the stock market's success over the past handful of decades has been due to the Greenspan / Bernanke / Yellen / Powell put, accommodative monetary policies which fueled earnings growth through progressively cheaper cost of capital. Having exhausted almost all room at the lower bound of interest rates, we are entering into a new age in which quantitative easing will be central banks' primary lever of further accommodation.