Behind The ‘Bubble,’ Surging Cost Of Capital Forces Investor Rethink

Rally skeptics and those with an affinity for crash prophecies spent the last couple of months cataloguing similarities between today's US equity market and two bubbles: The dot-com boom and the 2021 speculative frenzy. The comparison's easy enough to make on a variety of metrics, and God knows I've spent enough time drawing bubble parallels this year. More recently, some top-down strategists began enumerating the ways today's market is different from 2000 and 2021. That happens when rallies r