US stock market bull run shows signs of entering euphoric phase
By
The Economist
Summary
The article argues that the American stock market bull run is entering a "manic phase" characterized by euphoria rather than rational optimism. While prices and valuations have soared, the market previously avoided being labeled a bubble because it lacked manic sentiment. Now, options markets indicate that optimism is giving way to euphoria, suggesting the bull market may be reaching an unsustainable peak.
Source
bskyUS stock market bull run shows signs of entering euphoric phaseecon.stKey quotes
· 3 pulledFor most of the past couple of years the best argument that American stocks were not in a bubble was that things simply didn't feel manic enough.
Yes, prices had soared, and yes, valuations had risen so high that shareholders' expected future returns were looking increasingly disappointing.
the odds of unexpected returns were receding as well, with more or less everyone already convinced that corporate earnings would keep rocketing up while artificial intelligence revolutionised the economy.
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