The U.S. stock market is driven more by mergers and acquisitions than by the so-called "real economy." Until another merger boom develops, don't expect a new bull market.

The first part of the exchange is a short article by Joe Francis. The article provides new long-term estimates and an assessment of the buy-to-build indicator for the United States and Britain, going back to the beginning of the 20th century. The second part offers commentary by Shimshon Bichler...