, Columnist
The Market's Big Beasts Aren't Buying the Euphoria
The people running large institutions are much less sanguine about the prospects of a full recovery from the pandemic in 2021.
Let’s just think about this a while.
Photographer: PATRICK HERTZOG/AFP/Getty Images
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We are in the presence of yet another stock market record. This has been achieved, as many have observed, despite continuing awful conditions for the economy and society. That implies great expectations for the future.