In the past you had market cycles, but they were contained. Each year, as the market has performed well, more and more money has shifted into stocks. What took us from 23 times earnings to where we are today was momentum. This run-up has been fueled by amateurs with no training or experience who log on to the Internet. They live according to their experience.
People think the market can keep going up forever.
That's the same ingredient that propels every market, but supply will overwhelm demand when the price gets out of whack. I love stocks. I just don't love their price. If you buy at the wrong time, it can be very painful and very unprofitable. I don't think that most people who buy stock today expect to wait 30 years to get their money back in real, inflation-adjusted dollars.