Why is the stock market up while parts of the economy are still so weak? It boils down to how we feel about risk, and what our time horizon as.

Though the recovery is well under way, we continue to grapple with high unemployment and the ongoing closure of whole areas of the economy. It’s why policymakers (and investors) havebeensofocusedonfiscalstimulusrecently.

The quiet improvement of small-caps in recent weeks has decidedly caught our attention.