Bull markets mature into frenzied displays of greed, hope, and naked euphoria before they die. But that last stage can go on sometimes for years, as we saw in the latter half of the 1990’s. As we climb back toward some version of a normalized operating context for the business economy in 2021 through the roll-out of various vaccine distribution programs, investor enthusiasm, already buoyed by record monetary and fiscal stimulus support, is verging on bubble levels. That has driven speculative...

read more