Is the stock market crazy? Many investors are asking that question after the recent rally. The S&P 500 is down approximately -11% year-to-date, having rallied from being down -31% year-to-date as of the low on March 23rd. Over the past twelve months, the S&P 500 is now up +0.4%. The NASDAQ is up +0.5% year-to-date, and believe it or not, it's up a healthy +15% from year-ago levels.
Given the damage COVID has wreaked on our economy, it is tempting to interpret this recent