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No expiration date on S&P 500 bull run

Bulls believe Trump will start a cycle of profit growth, but to get to where they think earnings are going, the US economy has to pull off a feat not seen since at least 1937

CHARGING AHEAD? To the haters, CAPE is undeserving of attention, a broken relic debased by the economy's shift to service industries.

VALUATION, history shows, is an awful tool for market timing. Equity cycles persist, and selling just because price-earnings (P/E) ratios are high has repeatedly proven a mistake.

But what if the persistence starts pushing up against history? Consider the S&P 500 Index, which has...

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