The Dow Jones Industrial Average reached an all-time high last week. Corporate profits, the stuff of which stock prices are made (except on those rare occasions when they lose touch with reality), stood at a 40-year high as a share of gross domestic product in the first and second quarters of 2006.
While there’s a good chance second quarter profits, at 12 per cent of GDP, will be revised down based on upward revisions to personal...
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