One of the biggest complaints among disgruntled bears is the longevity of the U.S. equity bull market. Not infrequently is the charge laid that the 10-year-old bull is “getting long in the tooth.” Yet, the bears consistently ignore what is arguably the single-most important factor behind the bull’s tenacity, namely the persistence of fear.
Since bull markets climb a “wall of worry,” the prevalence of doubt and uncertainty among investors has given the bull a steady supply of short interest from which to launch a periodic series of rallies. And as we’ll soon see, the