You Tell Me…

In my recent public comments, I’ve been referring to the current phase of the bull market as the “acceptance phase” – in which it is widely acknowledged that we are in a bull market and bull market behavior begins to be felt outside of the markets themselves. See: Everything is Awesome for a visceral take on what this feels / looks like.

The word “acceptance” does not appear in the classic bull market phases chart below, I’d say we’re currently somewhere between Enthusiasm and Greed, possibly at the higher end. I talked about the dangers of this phase this morning in my post Rule Number One: Don’t Blow Up.

But you tell me – are we further along than I think we are? or are we not quite even at Enthusiasm yet? Admittedly, this is unquantifiable and totally not scientific, but where you believe we are will somewhat govern how you’re investing these days…