``In my now 24 years in the industry, I've witnessed my share of market exuberance and excess. Yet 2013 took speculation to a new level. I have argued the breadth of excess throughout U.S. equities surpassed even 1999. The S&P 500 returned (including dividends) 31.9%, while the S&P400 Midcaps returned 32.8% and the Russell 2000 small caps returned 38.5%... Central bank liquidity provided a great deal of market balm throughout 2013. It also further inflated dangerous Bubbles that will ensure a fascinating 2014.''

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