A Bubble or a Normal Bull Market?
There is a raging debate all over the world whether the global rally we have been witnessing, much against a consensus of doom & gloom of economic collapse, is a new bull market anticipating a resumption of normal economic activity—which the market always does in advance. Or is it a full-blown bubble, given how disruptive COVID-19 has been? 
 
On the one side is the exceptionally...
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