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It’s still impossible to have any conversation about markets without being asked whether a bubble is already inflating. So let’s return to the topic, yet again. And to be clear about the terms, we’re not asking whether the market is too cheap, or whether corporate fundamentals will improve to support further gains. We’re simply asking: Will this market keep going up? That requires a judgment on individual behavior and group dynamics. Valuation, for the possible melt-up of the next few months, is beside the point.