Pensions funds are heavy in bonds and fixed income. They are not making the 8% required per year. In Canada, or pension funds have had to go into stocks and real estate. American social security is still 100% in fixed income...
Now, in some places, even real estate cannot be purchased for 1,000,000 meaning stocks are the only place to go for yield! There is nowhere else to go. Plus, stocks can be liquidated quickly which is important in this environment.
Expect central banks to prop stocks up because they have to in order to keep system propped up. Yes, a geopolitical situation can change this. Watch China for this. But you need to remember, central banks will keep stocks up. Cutting rates means you can only go to stocks for yield. Stimulus will also be reintroduced (very soon imo ) but cannot be called . When stimulus comes back online there will be a CONFIDENCE CRISIS as people realize we are in 0 rates and fake/managed markets for life.
Check my other posts on these topics.