When investors look back in history they are often amazed how they couldn't see the forest through the trees.
Back in 2000 it was the new economy and "this time is different" valuation metrics. The tech stocks and bearish fools on Wall Streets who couldn't understand the "new" market. In 2007 it was "real estate never goes down" and outright mortgage fraud securitization game.
Well, we might be right at one of those junctures today. With valuation levels at historic highs and hard economic data collapsing, some of the most prominent bulls out there are beginning to suggest that this market will never go down. Consider the following......
"We've got a fully employed economy, rising real wages. We restarted the corporate earnings cycle. We've got strong confidence among business and consumers."
"The kick is we can do all of this without aggravating inflation and interest rates."
"If that's going to continue, I think the bull market could continue to forever."
My question is rather simple.....haven't we seen this movie before?
As the saying goes, fool me once, shame on you. Fool me twice, shame on me, fool me three times........
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