Author: Adam Marks, CFA

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The stock market rally of the last few years has been reminiscent of the market of the late 1990s: a bull market led by technology stocks. Some of the current high-flying stocks include Nvidia, Apple and Google, while those in the 1990s included Cisco, Oracle and America Online, among others.

The two eras have many parallels, including low interest rates, innovative technologies that led to wild speculation and an environment where growth investing left value investing in the dust.

Despite these similarities, however, today's environment differs in a few areas, including market concentration, valuation and America's fiscal situation.

This paper looks at each of the similarities and differences in detail and discusses how the ending of the current market cycle could be different from the last.

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