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Bears sound clever; bulls make money.

The pessimists believe that markets drive the economy. In their view, near-zero interest rates and quantitative easing, or QE, pushed investors out of government bonds and into risky assets.  

Now that such policies are reversing, stocks and corporate bonds are vulnerable—and so is the economy. 

The optimists, by contrast, believe that markets are led by the economy. Only when it shows weakness, and profits slump, is it time to get out.

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