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This is a pretty interesting data point. Jason Zweig at the WSJ notes:

Nasdaq up so much in past year, it has "only" 18.8% more to rise in order to reach its all-time high…set more than 14 years ago.

Well, what else peaked 14 years ago and is near record highs? The number of IPOs with negative earnings:

I'll just let you chew on that.

Source: History Rhymes... Nasdaq Edition