I’ve posted Entry #113 in my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Stocks in a Bull Market — The Respectable Ponzi Scheme.
Juicy Excerpt: There has been little discussion of Shiller’s charge that stocks can become for long periods of time (we have been at bull market prices from 1996 through today — that’s 17 years!) a disreputable asset class, a fraud. Just about all of us have money in stocks. We think of Ponzi schemes as dirty stuff and we don’t like thinking of ourselves as participating in Ponzi schemes.