A top Wall Street strategist explains why everything about markets seems broken right now

"The market is broken."
This sentiment has become more or less the received wisdom in the investing world over the last several years.
Nearly a decade of crisis-era monetary policy, coupled with political inaction across the developed markets, has led to underwhelming economic performance the world over.
Mohamed El-Erian's book, "The Only Game In Town," published earlier this year, cleanly captured the thinking that obviously, something in markets and central-bank policy isn't working.
And yet a