Equities seem unshakeable.
It's been nearly four years since the S&P 500 has suffered a 10 percent correction — the third longest run since 1960. Investors are complacent, with Deutsche Bank Chief U.S. Equity Strategist David Bianco (one of Wall Street’s most bearish forecasters for much of 2014) now estimating we're moving into mania territory last seen in late 2007 and early 2008, based on the ratio of the price-to-earnings multiple and the CBOE Volatility Index. Valuations are high, with the Shiller cyclically adjusted price-to-earnings ratio at levels that were only seen during the 1929 and 2000 market bubbles.
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