"There's a lady who's sure all that glitters is gold, and she's buying a stairway to Heaven"
When they say "global stocks" at record highs, they mean U.S. stocks...
Unfortunately, CasinoNomics is all about momentum, and momentum is about ignoring risk, but don't take my word for it:
Bar and restaurant sales % change from year ago:
The systematic implosion of volatility as attested to by the simultaneous obliteration of hedge funds and rotation to passive investing, is testament to the impossibility of hedging client money: