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It is nearly a universally held—albeit logical—view that equity markets are currently carving out a top, that the ‘end’ is nigh. I find myself involved in recurring conversations with investors and businesspeople I encounter: the Standard & Poor’s 500 index is topping, they assert. Why?...

Investors Carry ‘08 Hammers’ Looking for ‘2008 Nails’
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Illustrations by Karl Wimer.