But the bear case for stocks is mostly backwards-looking or based on short-term risks.
Yes, global growth is slow.
But the economy is still growing, and S&P 500 companies are actively increasing exposures to regions where growth is hot.
Yes, profit margins are near all-time highs.
But it's a mistake to think things revert to the mean just for the sake of mean-reversion. There are plenty of reasons why margins will stay high.
Some skeptics think that the stock market is being driven by easy monetary policy. And they warn of a time when the Fed tightens. But evidence shows that stocks can continue to rally amid a tightening Fed. And the Fed is expected to remain easy for a long time.
As you'll see, the bull case for stocks is quite robust.