So I painfully moved to cash, bonds, money market and other assets throughout 2015. It was a very lonely and depressing experience, missing out on all those FBIOX gains (I know, right?) But I kept asking myself, do I really believe that all those S&P 500 big old dudes, the General Electrics, the General Motors, IBMs, and Exxons. Do they make twice more money than 5 years ago? Hardly. So why all the craze? We don’t have a noticeable inflation, at least not in the consumer, non-real-estate space. S&P 500 is still almost 2x over 2010, give or take, even after the ongoing correction early in the year. There are no fundamental reasons for these companies to jump 2x in their market cap. Meaning, there might have been some other, non-fundamental reasons – perhaps more speculative in nature – and now we still have some way to go…