William Blair：2024年经济学周报-这是另一个市场泡沫吗？（英文版）

Financial markets are not perfectly efficient. They are prone to periods of over- and undervaluation, and both of these conditions should correct over time—it’s just a question of the duration and magnitude of those changes. As Benjamin Graham once famously noted: “In the short run, the market is a voting machine, but in the long run it is a weighing machine.” Today, the stock market is seemingly hitting new highs every few days and mega-cap stocks like Nvidia are jumping 16.4% in a single da