Wall Street bearish investors are out of favor–but evidence is they're right

While I'm very bearish (ie, smart !) on the current state of the US stock market, I wouldn't recommend shorting to anyone - it's just too risky and frustrating.

The next decades will be very interesting though - there are very significant changes in demographics dynamics. I'm wondering how much of past stock performance is due to simply populations of Western countries growing and markets expanding ? What happens when that stops ?

If real estate in small villages of Japan / Italy is an indicator, there is a decent chance that future profit growth won't look anything like the past one.

Real estate in China is probably even more interesting - Chineese economy was fuelled for a long time by a real estate boom. As of today, they have build so many homes / appartments, that they can home 2-3 billion people according to estimates. But... as everybody knows, Chinas population is set to shrink from 1.4B to less than 1B by 2100, and given the size of the country relative to world's population, they can't simply 'import immigrants' like smaller nations could.

So what happens next ? I don't think the world has ever faced such a crazy situation.