Economic expansion
What is more, the current economic expansion is relatively long and shallow on a historical basis, so the economy does not appear to have overheated. As most bear markets have been preceded by recession, this does not look like an immediate risk to bull market. And while valuations may not look particularly attractive on most measures, they are not looking particularly stretched in most sectors either.
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Nandini Ramakrishnan is global market strategist of JP Morgan Asset Management
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