Mr. Creosote Vs. Mr. Market

The stock market is looking full. After nearly a decade of gorging itself at the trough of freely flowing liquidity from the U.S. Federal Reserve, stock prices are surging toward unprecedented levels relative to consumption in the underlying economy. Given the implied excesses in stock prices, one is left to wonder when Mr. Market will take down that last marginal wafer-thin mint before it explodes back to normal.

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