Look at the optimism on Wall Street as the stock market is in
an unusually long bull run!
The long history of the market shows that
unusually long bull markets tend to be followed by deeper pullbacks.
Moreover, their soaring popularity is inextricably linked with an external event,
an unusually long bull market.
The current advance began at a multiple of 16, so even from the beginning we had less room for valuations to expand, compared with
those unusually long bulls.