Those investing in US stocks over the last 10 months have had an uneasy feeling seeing their investments going up day after day without a pullback. The higher the market climbs without pausing, the harsher the sell-off is likely to be. Such has been the flow of capital from central banks in general but from the US Federal Reserve in particular, that US shares have been almost a one-way bet since last the financial crisis 12 years ago.

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