Led by the US, stock markets have been buoyant since Donald Trump’s election. In some cases it might be more accurate to say that stocks have been booming: in any event, there are plenty of warnings that the latest rally has taken us to “bubble” territory. Nobel prize-winning economist, Robert Shiller is famous for a measure of US equity valuations: his calculation of today’s level has only been matched twice before in nearly 150 years of stock market history. One was just before the 1929 market crash, the other just before the bursting of the dot.com bubble at the turn of the century.
Is this a stock market bubble or economic growth?
