It's a situation that continues to perplex investors: If the markets are supposed to reflect the future economic climate, then why have stocks performed so well when the broader economy is anything but robust? For those worried that the next step forward could be a turn for the worse, BlackRock Capital Appreciation Fund lead manager Jeffrey Lindsey advises looking beyond conventional wisdom for clues to what's ahead.

To be sure, Lindsey does not have a rosy view of the economy. Employment and real estate prices are still woefully lagging. He's also concerned that crushing debt levels will bring on inflation and higher interest rates will be a negative for companies that can't pass on higher prices to their customers.

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