The world upside down in this late-cycle bull market

We are now in the ninth year of the current bull market, one of the longest in history. Moreover, what has characterized the last two years of this bull market, starting in July 2016, is a combination of unusual circumstances: - Global equity market returns have been almost twice the historical average (15% vs 8%) - Market volatility has roughly been only half the historical average (8% vs 16%) - Cyclical growth stocks have outperformed low-risk and high dividend stocks by an unusually wide margin.