The past decade, in the aftermath of the last financial crisis, just about everyone has been bullish on everything. A strong bull market in equities, bonds and credit has stunned many bears. The source of this bullishness was huge quantitative easing programs by all major central banks which pumped trillions worth of liquidity into markets. Many state that the market went up not because of fundamentals, but rather because nobody can compete with central banks and their money printing bonanza.