You don't get the best first-half Nasdaq rally in 40 years simply because the Federal Reserve did this, or the yield curve in the bond market did that. This rally, which has defined this year's advance, for the first time rivals that of 1983, which, not coincidentally marked the full-scale rollout of Intel's 286 microprocessor, which was introduced the year before. It's the chip that created advanced computing — an invention that began in the technological revolution in America and then the world. How did that happen? I could spell out the dates, but I think they don't tell the story as we all had our brushes with this rally, in one way or another. I usually do for the empirical in these pieces but this time I want to be all-in anecdotal, because this advance had, at its core, three big revelations and you had to recognize how important they were on your own — nobody told you — and do so in a timely fashion or you simply missed the greatness and the power of the move that shook the lethargy and the fear from some brave souls not trapped by the big picture. |
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