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This year the stock markets have started off with an explosive rally, with the Nasdaq, last year’s laggard, up almost 12% as of Friday’s close. To some extent, this rally has been led by short-covering, with a number of tech stocks staging astonishing recoveries. Tesla, one of my

For the past forty years investors have been trained to buy dips in the equity markets. Whenever bad news arose and the economy started to sputter, the Fed would come to the rescue, supplying ample liquidity to the banks to keep the U.S. economic machine running relatively smoothly. Stock