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The graphs offered as evidence seem to have very carefully picked axes to fit the story. e.g. looking at the first MSCI graph with the x axis extended back to the 60s[1] it is hard to draw the same conclusions

[1] https://en.wikipedia.org/wiki/MSCI_World#/media/File:MSCI_Wo...

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While I don't disagree, the graph you're referring to excludes 2013-2016. (+30%)

I was thinking about that as well, particularly the "complacency index." I have never heard of this composite before, of course I am not an economist but I do follow finance. Can anyone speak to if this is an exotic index?

Banks make up dozens and dozens of these indices for marketing purposes. The idea is that when a client trades with a broker, the broker provides "free" research to the client as a sweetener. That research mostly consists of dodgy trade ideas based on their proprietary "sentiment index" or whatever.

The research tends to be low quality in general. I'd guess that the researchers are treated as a cost center rather than a source of business.

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