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An Enigma Wrapped in a Paradox


Winston Churchill, when asked to explain the Soviet Union’s foreign policy around 1940, replied, “It is an enigma wrapped in a paradox.” To some, this year’s stock market is also an enigma. If one were to be an active reader of the financial press or a regular viewer of television business news, one might be confused by the market action of the stock indices. The price-only performance of the S&P 500 in 2013 was…

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