(https://www.marketwatch.com/story/the-stock-market-is-driving-the-economy-in-one-major-way-9ea09725?mod=mw_rss_topstories) in a way that should terrify anyone holding this thesis for the long haul. The wealth effect narrative sounds bullish until you realize it's a one-way mechanical dependency — consumers spending because portfolio values are inflated, not because earnings are compounding.

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