The Financial Media Doesn't Understand This Basic Fact About Finance

Dear Fellow Expat:

My wife’s still recovering from a pneumatic condition.

And Amelia’s off from school today because of… what holiday is it called now? We’re already on our fourth rabbit hole right now… this one on how potatoes grow.

So, I do need to be briefer than usual.

This morning, I opened an article at Yahoo! Finance… and barely finished the second paragraph.

It made me angry.

The reporter, Josh Schafer, writes the following…

The bull market in the S&P 500 (^GSPC) began two years ago and is showing few signs of slowing.

Backed by the rise of artificial intelligence euphoria and a surprisingly resilient US economy, the S&P 500 has gained more than 60% in the past two years and is hovering near an all-time high.

Do you see the flaw here?

Isn’t it obvious?

He writes: “Backed by the rise of artificial intelligence euphoria and a surprisingly resilient US economy…”

That’s what has fueled the S&P 500? Really?

Neither of those two things is what REALLY happened.

They are byproducts of the c…