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One of the many ‘old adages’ about the stock market says that “bull markets climb a wall of worry.” Clearly there has been no lack of worries over the past seven months as stocks rallied back to record levels after briefly suffering through what turned out to be the shortest bear market in history. But unlimited support from central banks and an unprecedented deficit-financed wave of government stimulus spending did much to offset the economic damage from the worst downturn since the 1930s. This financial support allowed stocks to rally all the way back to the old highs, despite continued economic uncertainty, rising virus infections worldwide and stock valuations that exceed all measures except those during the technology bubble of the late 1990s. Renewed bullishness over the vaccine news sent stocks to their best monthly results in over thirty years in November, lead by the ‘formerly weak’ recovery sectors such as banks, retail, airlines, cruise lines, restaurants, real estate, industrials and autos. (more…)