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US stocks are a good example of fallibility and reflexivity at work

With the "reflation" theme having receded, it is difficult to understand why the major indices are at all-time highs

THE continued outperformance of stock markets around the world, led by Wall Street, has been a source of wonder, and possibly awe among many investors. In the early part of this year, it was easily explainable because there was a "reflation'' theme to bank on, one that replaced the "easy money...

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