Agree.  I do have a question re CAT: What % of sales originate in China (and the rest of Asia by extension) and Europe?  We know Europe has been in the dumps for quite many years, in fact I would argue that Europe has not really recovered from the financial crisis, there are a few Pockets of strength (Germany and Scandinavian countries, although that may no longer be), but most of the Eurozone is not in good shape.  So I would strongly agree that a lot of the old world infrastructure, materials and cyclical industries are not functioning well and will struggle to grow, given the mish mash of weak economies.  The dollar is now a tall obstacle which will dampen revenues and profit growth.

Major corporations statewide have remained lean, hesitant to hire and to spend (CapEx) to improve productivity, so profits are at records, but it is mostly because of the fact that they are running so lean.  That too will eventually have to change.  Not going to go on forever, eventually companies will need to invest or eventually die as competition could dent their ability to compete effectively in the global economy.  When that happens is anyone's guess.

Then we have the Feds around the world still pumping liquidity everywhere.  Which is the major reason stocks are now overvalued (IMO).  

Many tech companies are in sharp contrast growing extremly well, regardless.  They are hiring and have enourmous CapEx Budgets