Generally, this far into a bull market, euphoria kicks in. In 1929, shoeshine boys were doling out stock tips. In 1999, people were quitting their jobs to trade technology stocks from their living rooms.
These days, each successive stock market record seems to spur more hand-wringing than cheerleading. There is anxiety about overhyped shares, about the possibility of central banks withdrawing their support for global economies, even about markets simply being worryingly quiescent, as evidenced by the historically low readings of the volatility index known as the VIX.
This is from Landon Thomas Jr. in the New York Times. He includes the following numbers, which really puts the relative small size of crypto in perspective:
Since early 2009, the market capitalizations of Amazon and Apple, have soared from $26 billion and $74 billion to $532 billion and $872 billion.
By definition, it seems there are a number of people happily putting more into the market.
Mr. Bernstein argued that investors should care the economic and corporate fundamentals — not the remote chance that a calamity will strike.
“You cannot invest successfully,” he said, “when you are crouched under your desk in a fetal position.”