p.s. To spell it out on that last point, for valuations to head higher from here you’d probably need to believe in a blowing of a new bubble to rival the late-1990’s.
Whereas for minds to change, there are many things that could rattle what really represents high confidence (the chart this week can basically be viewed as a confidence gauge) e.g. recession, inflation resurgence, rate shocks, (geo)political problems, or some other kind of crisis or shock we can’t even think of yet.
In other words, arguably the probabilities are lop-sided...
p.s. To spell it out on that last point, for valuations to head higher from here you’d probably need to believe in a blowing of a new bubble to rival the late-1990’s.
Whereas for minds to change, there are many things that could rattle what really represents high confidence (the chart this week can basically be viewed as a confidence gauge) e.g. recession, inflation resurgence, rate shocks, (geo)political problems, or some other kind of crisis or shock we can’t even think of yet.
In other words, arguably the probabilities are lop-sided...