ENJOY IT WHILE YOU CAN
Investor euphoria is at new highs. There were no negative months for the S&P500 in 2017. Enjoy it while you can as the melt-up phase continues in the New Year.
An asset bubble is characterized by a wave of optimism that lifts prices beyond levels warranted by fundamentals and ends in a crash. Real estate in the U.S. from 1995-2006 and tech from 1995- 2000 are recent examples.