"...It is difficult to believe we could have experienced such human misery and see the Nasdaq soar 44 per cent in 2020 and the S&P 500 by 16 per cent.
The Nasdaq has now enjoyed a 94-per-cent two-year surge, something that last happened in 1998-99. Take that for what it’s worth, but do remember that 2000 ushered in a completely different environment altogether and the same commentary then is in vogue today, which includes all the reasons why we are in a new era and stock prices can never go down.
As was the case then, memories are very short. This is the most speculative and momentum-driven market on record. Tesla Inc. rose 743 per cent in 2020. Bitcoin soared 305 per cent. More than 200 special-purpose acquisitions companies (SPACs) raised more than US$80 billion. This is pure speculation
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