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Japanese High
In 1989, the Japanese Nikkei hit 38,916. It was a time of craziness. The Emperor's palace was valued at equal to all of the real estate in California. Such prices are unsustainable. The Nikkei 30 years out sits at 23,205. Someday, the high point of the Nikkei will be surpassed, but apparently, not anytime soon.
Just about everyone knows that in the face of a massive depression, the market is crazy high. Veteran bubble expert, Jeremy Grantham, says this is the 4th major bubble of his career. They say the market is a