Instead of asking if there’s a market bubble, ask a different question: Who cares?

All the chatter about financial markets these days inevitably converges on the same question: Are we in a bubble?

The bears say yes, pointing to inflated U.S. stock valuations that invite comparisons to the dot-com bubble. From the Great Depression to Black Monday to the COVID-19 pandemic, our hapless investor is there to put his nest egg on the line the very day the market peaks, just before disaster strikes. “The truly miraculous returns include all the bad stuff that’s taken place over the decades,” he wrote. “In the stock market, time heals all wounds.”

It’s hard to imagine a worse starting point to invest than the peak of the dot-com bubble in 2000. But money invested in the TSX on that day would have returned 6 per cent a year up to now. American stocks would have got you 8 per cent a year.

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