G. J. Santoni examines the “speculation issue” in the second article in this Review, “The Great Bull Markets of 1924-29 and 1982-87: Speculative Bubbles or Economic Fundamentals?” Santoni compares a theory of stock prices based on fundamentals to one that allows for bubbles, then examines data from the 1920s and 1980s to determine which theory is supported by the evidence. He concludes that the evidence does not support the notion that speculation caused stock prices to deviate persistently from those consistent with the fundamentals.