If the stock market were a Halloween movie, we could call it The Bubble that Ate Wall Street. Or perhaps The Bubble that Ate Wall Street 2, because it is a sequel – the second time in the past generation that we have seen technological euphoria cloud minds and drive U.S. stocks to absurdly high levels.

The plot twist that makes the latest version of this time-honoured plot so intriguing is that everyone is well aware of the parallels between now and the dot-com bubble of the late 1990s. You can’t click on the business news without encountering articles about the dangers lurking in today’s overpriced stocks.

The constant warnings are turning into something like a background drone. Consider what was said in October alone.

The Bank of England thundered that the risks of a sharp market cor

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