ANDY KESSLER: R.I.P. the Big Bull Market (1982-2022): From start to finish, the Dow rose from 776.91 to 36800, a 9.6% annual rate.

But now what? Like it or not, we’re in a new era. Capital, as always, sloshes around the globe searching for its highest return. Inflation usually means money is attracted to real assets rather than ideas. Energy? Real estate? Commodities? Fixed income will be attractive again. Corporate earnings, meanwhile, have started to decline as input costs—material, labor, regulatory overhead—spiral upward, red meat for bears.

Of course, a new bull market could start anytime, but don’t even think about another big one driven by interest-rate declines until, well, interest rates go up enough. Instead, the next bull will be fueled by earnings growth from whatever drives productivity next. Forget last cycle’s winners, find new ones—next-generation machine intelligence, geothermal energy, gene therapy, insta-vaccines, nuclear fusion or, more likely, something completely out of left field that starts out expensive, is dismissed by skeptics and then gets relentlessly cheaper over decades, creating wealth for society.

This is why we should always nurture the supply side, with capital-forming low tax rates and regulations that allow productivity to increase. The bull is dead, long live the bull.

I don’t think we’ll see another bull market with the current gang of idiots in charge.