Yes AJ but its very age might be telling us something and has maybe lulled too many of us into a false sense of security ?
As far as I've seen and understand the following are often characteristics and/or conditions present to varying degrees and extents in all previous periods prior to corrections/crashes in equity markets.
Peak valuations compared to historical averages. High levels of speculation. High levels of confidence by participants and the 'masses'-never been higher ? High levels of debt and leverage-I doubt levels have ever been higher ? Low growth rates. Low interest rates and 'easy' money-unprecedented ? Introduction of new financial 'products' and financial 'engineering'.
It seems to me all the ingredients are present with the added 'Elephant' and dimension of the unprecedented and massive Central Bank intervention and support of various markets which I think explains the longer than 'normal' duration of this Bull ? I don't see how continuation of that intervention won't have consequences. The usual 'cleansing' process of the excesses pre and post GFC were largely not 'allowed' to happen I think.
Really the only thing allowing it all to continue I think is 'confidence' and that can evaporate very quickly as I'm sure you know.
If and when it does-for whatever reason-it might be hard to squeeze out that 'Exit Door' and we'd all better be quick ?
Time will tell...maybe it is different this time ?
