Fundamentals haven't changed, page-307

Thank you Seth,
Couldn't want for a more detailed reply! You read it right in terms of what I was referencing.
Couple of things you mentioned I feel I can somewhat comment on:
-cost push inflation materialising, totally agree,
-bond funds rotating to inflation geared first movers (banks) yep!
-tax cuts boosting corporate profits and easing the multiples compared to bonds.

What I don't see being accounted for is that the US economy is 70% consumer driven, and mortgages in the US are set off the 10 yr bond. Rates just went up really fast, and even the majority of corporate activity over the last 2 years has been credit fuelled share buybacks. They just got more expensive very fast too. I'm saying pure and simple i see immediate cost rises and hope of sugar down the road.