Abstract
A bull market, and the incentives of those who make their living from bull markets, can create its own form of logic. This book explores some of the stories that encourage the purchase or retention of stocks or mutual funds and the logic behind these stories. Some of these stories are honest attempts to explain new phenomenon, and may or may not prove true going forward. Some seem to be unintended falsehoods that come from an incomplete or lazy application of economic reasoning. Finally, some seem less well intended. The stories, and the logical analyses behind them, generally originate with Wall Street (both sell side and buy side), sometimes riding the coattails of academia, and are often readily absorbed by investors engaged in wishful thinking. Such wishful thinking has led to a stock market, and the growth/tech sector of the market in particular, that is priced so expensively that even very long-term investors will probably end up disappointed, perhaps greatly so.
Published Version
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