Global growth has been in a persistent downtrend channel since 2010, but somehow this only became a problem in early January. For investors there is a clear underlying message: it's only a problem if/when it might start impacting on the US economy and on US corporate profits. Thus far the jury is still out on this matter and whatdayaknow, US equities are within a whisker of a positive return year-to-date and only 6%+ from the all-time high. Episode Four in my Bear Market Diaries: (VIEW LINK)