BUBBLE 3.0: UP FROM THE ASHES

Welcome to the longest bull market in history! What a run it’s been!! Many media sources have covered this remarkable development—with some criticism of its accuracy—but what hasn’t received any attention is another possible streak. Should the S&P 500 finish the year in the black, it will be the tenth straight of positive total returns. That has never happened before in the history of this venerable index, which dates back to 1928.

 

After so many years of relentlessly rising stock prices, it is almost impossible to recall how fear-wracked investors were a little less than a decade ago. The trauma of witnessing major financial institutions such as Fannie Mae, Freddie Mac, Lehman, and Washington Mutual collapse in the early fall of 2008—with other behemoths such as AIG and Citigroup surviving only due to massive government bail-outs (but still essentially wiping out shareholders)—was too much for many to bear (pun intended!).

 

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