I don't think that's the claim. The claim is that the stock market outperforming the historical trend is due to declining interest rates. I mean, there was va

I don't think that's the claim. The claim is that the stock market outperforming the historical trend is due to declining interest rates. I mean, there was value created in the 1960s and 1970s, too - computers! Minicomputers! Microcomputers! Transistor radios! Walking on the moon! 747s! Much better railroad engines! The start of the internet! The interstate highway system! And on and on. But it wasn't showing up in the stock market. Why not? Because the interest rates were rising, and almost all of the gains were disappearing into that headwind.