The headline from last week”s market section of the Financial Times says bears have become an endangered species. This sort of mentality is typical at market extremes. The most famous case was the BusinessWeek article that declared “The Death of Equities”. At the other end of the spectrum are the proclamations of Dow 36,000 in the late 90’s and then again in 2009 we read day after day how the world was coming to an end and corporate America would never recovery. Now, we have slingshotted to the other extreme where bears are now “endangered”:
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