There is something special about the American entrepreneurial spirit that makes the American economy and companies exceptional. Conventional valuations may appear to be stretched but don’t worry, earnings will grow into them. Bear markets will be brief and lost ground quickly recovered. For well over a decade, this has proven true, again and again.

There is a lot to like about this story. The American economy IS exceptional. The cream of American companies ARE exceptional. There does indeed appear to be something really special about American entrepreneurship. However...