The MSCI global stock index closed at an all-time-high yesterday. It is up 17.5% since last year and more than $36 trillion has been added to equity values since 2009 when the recovery from the financial crisis began. It is striking that stock values have risen so dramatically during a period of slow economic growth. Large corporations have been able to grow profits during a period of low growth, and asset values usually rise when interest rates are low. Large holders of stock have done much better than those who depend upon growth in wages.
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