Bubble watching - S&P500

Does anything look odd to you in the period 1950-something to 2013??

Holding equities was fab about 1980 to 1999, but then....

No wonder pension planning got a whole lot harder this century.

This chart more or less follows the Federal Reserve balance sheet expansion from 2009.  They are having to work very hard to keep that long-term curve (1960-2020...) growing exponentially.

The question might be (amongst others) whether there are natural forces at work, denying that growth?  

What would it look like without the central bank money supply/credit expansion?  Not so good, I'm sure.