Today's market possesses some similarities to the euphoria of the 1990s, she said.
The economist sees a return to secular stagnation favoring growth stocks and Treasurys in the long term.
The final tally isn't in, but all evidence indicates that baby boomer retirements have soared in the last 15 or 16 months.
It all depends on where inflation and interest rates go.
Some managers argue that changing corporate behavior comes with a cost.
She emerged as a leader in the male-dominated profession back in the 1980s.
Despite assurances from the Fed, Bernstein thinks inflation will surprise the markets on the upside.
Over the next five years, the divergence could be as much as 9% to 13%.
The bond bubble has already burst. If equities and housing follow, $20 trillion in wealth could evaporate.
Despite artificial drivers, this boom is real.