The Bull Market’s Growth Problem

Stocks are hitting records and valuations are at 15-year highs, both signs of confidence. But a closer look at what is driving the rally shows that the eight-year bull market may be nearing its end.

The current earnings season makes it clear that investors are paying up for companies that are generating strong growth in earnings and revenues and ignoring or selling stocks where growth is anything less than stellar. In the past, that…

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