I think this is the trick. Every single economic principle I ever learned about capitalism and monetary theory says this will end badly, but WHEN. In the nineties, I thought I knew something and I lost a ton of money on gold and gold stocks because the irrational exuberance continued much longer than anyone expected. When the Dow Jones blew through 6,000 I thought this cannot continue, but continue it did into the 21st-century dotcom flameout.
Now I sit largely on sidelines, feeling some FOMO. I am thinking to myself how much this feels like the nineties. Then again there was a lot more “slop” in the system back then, coming out of the tight monetary policies of the eighties. In any case, calling a top can be difficult when SO MANY NEED this loose policy to continue. It will until it doesn’t, but when is that…dunno.
Remember to buy low and sell high and everything will be fine!