However, in a secular time frame, the prospects for equity returns are unappealing. But these prospective returns must be evaluated against the prospective returns on cash, quasi-cash and fixed-income securities. Thus, putting this all together, it appears that fundamentals overall seem to be supportive of the recent all-time highs on a cyclical basis and that, in the absence of major external shocks, they could continue to be supportive of equities for the next one to two years. At the time of publication, the author held no positions in any of the stocks mentioned, although positions may change at any time. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.