Stock Market Too Giddy for its Own Good

Get real—pleads Mauro Guillen, director of the prestigious Lauder Institute at the Wharton School at the University of Pennsylvania. Guillen told me in a recent phone conversation that while the worst of this financial crisis is probably behind us, that doesn’t mean we’re out of the woods. “I don’t want to become another Dr. Doom,” he says. “But we are living in a fantasy. The stock market has gotten way ahead of itself.”

For those of you who haven't noticed: The three major stock market indices have soared since March 6. The Dow Jones 30 is up 39%; the S&P 500 has risen 35% and tech stocks have gained 41%.