The Tell: This is why the bull market can keep running for years even if investors dump stocks

If the market is never wrong, according to the old Wall Street maxim, then why does the stock market keep rallying despite worries about North Korea, U.S. policy uncertainty, Federal Reserve tightening and concerns over runaway valuations?

Simple. It is because public pension funds keep flooding the credit markets with cash at a record pace, and companies keep using that money to buy back their stock, says Brian Reynolds, asset class strategist at Canaccord Genuity.

Reynolds said he believes the credit boom could continue for at least three years, and maybe even five. That would make the current bull market the longest in history by a wide margin.

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