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Forgive our poor paraphrasing of the 1500 year-old proverb, which really just suggests you do not unappreciatively question a gift or handout too closely. But looking at the positive action of stocks over the summer at the same time as we are seeing falling corporate earnings, downgrades to global economic growth, record high stock valuations and increased geo-political tensions does make an investor want to look a little more closely in the ‘horse’s mouth.’ Stock market volatility (as measured by VIX) is also back to multi-year lows, meaning investors are not worried at all about any of these risks. Clearly this has lead to some trepidation about the market outlook and there are a lot of prominent investors who have eschewed very bearish views on the outlook for stocks. (more…)