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The Bull Market Roulette Wheel Just Keeps Landing on Winners

  • Rotation back to tech propels S&P 500 past the 4,000 milestone
  • Equity endurance highlights cost of turning bearish too early
Inside The G2E Asia Global Gaming Expo

Photographer: Brent Lewin/Bloomberg

No matter how dim a view is taken on valuations, or the untethered exuberance of its retail devotees, or even its actual age, the bull market in stocks keeps managing to deliver goods to its faithful.

Big tech falling? Energy and bank shares pick up the pace. Meme stocks out of vogue? Try software makers that have yet to turn any profits. Discovery Inc. ‘A’ shares got you down? That’s OK. Its ‘B’ class just inexplicably rallied the most in 16 years.