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Biotechs Hit Record High, +11.5% From Yellen's "Stretched Valuations" Warning

"Don't fight the Fed," unless of course the Fed says "sell." Since Janet Yellen's July 15th "Biotechs.. valuations are stretched" warning, investors have fought tooth-and-nail with the Fed to prove her wrong... Biotechs are now up 11.5% from that day at all-time record highs. And as a reminder bonds are in a bubble...