The Wall Street Bull (The Charging Bull) is seen during Covid-19 pandemic in New York, on May 26, 2020.
Tayfun Coskun | Anadolu Agency via Getty Images
The stock-market debate lately has taken place largely from the extremes.
The believers are calling the powerful rebound from the Covid-shock lows a brand-new bull market, with a close resemblance to the 2009 post-recession bottom in terms of magnitude and velocity against a brimming reservoir of pessimists. Equity gains were well above average for a decade thereafter.
Market skeptics look at the same market and see the year 2000 — one of the worst entry points for stocks in history — with extreme concentration of value in a few expensive…