AT&T’s planned takeover of Time Warner presages probably the final leg of the current seven year bull run for equities. How long the final leg lasts remains to be seen, but if one quarter point interest rate hike a year is the scheduled action of the US Federal Reserve, the market advance could continue for a couple of years yet. Money is so cheap to borrow that if AT&T/
TimeWarner-type mega-deals are in the offing, now is the time to do them, and consolidation will provide support for share prices.
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