The stock market dodged a bullet when the Blue Wave––a Biden victory and a Democratic takeover in the Senate––didn't materialize. But ducking the specter of more taxes-and-regulation didn't erase the fundamental problems weighing on equities before the election. Indeed, investors face two threats, that taken together, pose risks as grave as at any time in the past century. First, shares overall are so hugely expensive that history tells us they're far more likely to fall than to soar. Second, an unusually large number of lurking

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