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10 Thursday AM Reads My morning • Will Markets Defy Gravity in 2021? 10 charts examining if 2020’s trends will be your 2021 friend Financial assets, from stocks to bonds to Bitcoin, have responded by rallying to record highs. Hopes that vaccinations can replace lockdowns as the best defense against the coronavirus are feeding expectations that the trend mostly is likely to continue in 2021. (Bloomberg) • The 5 Phases of a Bubble Bubbles should be viewed through the lens of every asset bubble in history, because human nature is the constant. The problem for investors is you never know how long each phase lasts in real-time. There is no iPhone alert to let you know when the period of euphoria is coming to an end. (A Wealth of Common Sense) ....