How Far Can This Bull Run?

We Asked Five Professional Investors What To Expect From The Markets In 2019. Here’s What They Had To Say About Interest Rates, Global Debt, And More.

THE CURRENT BULL MARKET, already the longest on record, turns 10 this year. Corporate profits are at record highs. You’d think investors would be celebrating. Instead, the U.S. stock market spent the final months of 2018 basically sputtering. Among investors’ biggest fears: high valuations, rising interest rates, and political dysfunction—not just in the U.S. but throughout Europe and Asia too. Can the long rally really last another year? Where are the best opportunities in 2019? To answer these and other questions, MONEY polled five top investment strategists. An edited version of the conversations follows.

CAN THE BULL MARKET CONTINUE ITS RUN IN 2019?

“Bull Markets Don’t Die of Old Age”

SAIRA MALIK: The bull market will continue as long as earnings growth remains steady. Bull markets don’t die of old age. The most likely reason for this one to end is inflation and higher interest rates—and we’re not really seeing that yet. The bull market will look a lot different, however: It’s going to be a late-cycle market, with continuing nervousness and volatility. U.S. growth won’t be as strong as last year, as the boost from tax cuts slows down.

“A Rougher Road”