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When I think back to the years leading up to 2000, I picture a market that largely responded to events surrounding individual companies and stocks. Since the Tech Bubble burst in 2000, however, the market has appeared to think mostly about the economy, the Federal Reserve and Treasury, and world events. That’s been even more true since the Global Financial Crisis in 2008. That’s why I’m devoting a memo to a subject I largely disavow.
