A Run for the Record Books

"We don't think there's a bubble. There's a bull market. We need to make the distinction," Mark Keller, CIO of Gallatin Asset Management, tells Aaron Task on Wednesday's "The Real Story" podcast. "Bubbles develop when novice capital starts to speculate -- we're not seeing that."

Keller, whose firm manages over $9 billion in assets, adds that "private equity [activity] doesn't get this strong unless valuations are inexpensive. We think among the market generally valuations are not excessive."

The market did not appear to be on the path to a big rally Wednesday -- certainly not a record-setting day for the Dow and S&P 500 -- after overnight weakness in China bled into other Asian markets. But U.S. stocks recovered from their early declines and then took off after the 2 p.m. EDT release of the minutes of the Fed's May 9 meeting. ...