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Investment Perspectives | Bubbles II. achen. Wed, 04/01/2015 - 16:48. Almost exactly five years ago, we wrote a piece entitled Bubbles, which discussed the sharp rally in stocks from the lows of early 2009 and the risks of the growing federal deficit that resulted from government bail-outs and fiscal stimulus during the financial crisis. In part, our letter was a look back at the crisis from the perspective of a year’s recovery from the market’s bottom and about 15 months removed from Lehman Bro
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