Hiatus Canceled...

...at least temporarily.

Jeremy Siegel, finance professor at Wharton, writes in today's Wall St. Journal:

The outsized influence of the tech sector in 2000 greatly distorted the capitalization-weighted indices. There are 10 sectors in the S&P 500 Index: technology, financials, health care, utilities, industrials, energy, consumer discretionary, consumer staples, and materials and telecom. If we exclude the tech sector, the S&P 500 would be 16% above its level reached in 2000. Seven of the 10 other sectors (excluding tech, telecom and consumer discretionary) are significantly higher than their 2000 levels. Even within the S&P 500, more than two-thirds of stocks are above the price they reached in 2000, but the big cap tech stocks had so much weight then that their collapse forced the whole index lower now.

In more prosaic terms: capitalism is triumphant, wealth is being created, and you would be a fool to bet against the tendency of man to become wealthier over the years. Even if you are a stupid day trader bidding up the prices of worthless companies, overall, man--Americans, that is--has created wealth over the past six years. And there is no reason that such continued dynamism won't continue, left-wing hand-wrining over "income inequality" notwithstanding.