A Bubble in Fundamentals

In the spring of 2013, the S&P 500 made a new all-time high for the first time since October 2007. Around that time, I remember seeing people use the b-word to describe what was happening.
The chart below, which shows Google searches for “Stock market bubble,” validates my memory.

Stocks have been rising over the last decade because businesses have been making more money for their shareholders. That sound…

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