After flirting with record closings for more than a week, the Dow Jones Industrial Average surpassed its all-time close of 11,722.98 on Tuesday, ending the day at 11,727.34.

Some say this new Dow territory merely puts us back where we were five years ago. But this argument misses the point. We're not back where we were five years ago. Five years ago, the markets were working their way out of a bubble; this time it's the real thing.

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