### Comment:
It’s certainly a big part of it. GDP growth is highly correlated with SPX, and it’s tied to most people’s pensions and retirement. In essence how well our companies are doing is a solid indicator - but beyond that unemployment is also down and manufacturing

### REPLY:
Sure it's correlated. But in 08 or the dot com boom for example, there were things fundamentally wrong with the economy that weren't expressed in the S&amp;P500. Look at auto loan delinquencies 90 days + right now. Look at wealth distribution. We're in a debt bubble and QE may not save us when it pops.

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