"The Long Run" is a completely relative term. As someone who used to trade, I know plenty of people who consider 3 months "the long run". The unfortunate fact

"The Long Run" is a completely relative term. As someone who used to trade, I know plenty of people who consider 3 months "the long run". The unfortunate fact is that markets are all about leverage based on future returns, and the estimates for future returns have been massively inflated for decades. In 2008 this started to become apparent, so central banks everywhere have been printing and loaning trillions while buying up everything in sight to try to hide the fact that the assumptions that markets would grow 7% a year forever are totally false. The fact is that the bill is coming due very soon, and all the printing and suspension of accounting rules("mark to market") and jawboning won't do a thing about it.