So is this a bubble?
Starting with the Dutch tulip mania of the 1630s, bubbles have been a perennial feature of fi nancial history. More recent examples are the dotcom craziness of the late 1990s and the house price booms ahead of the fi nancial crisis of 2008. As stock markets prematurely raise their glasses to a happy ending to the pandemic, the question arises: are we in another bubble now?