This is probably the weakest bubble ever. The pain trade is HIGHER still.
Most people calling this a bubble have been sitting in cash or bonds, waiting for the crash that never came. Meanwhile, equities keep grinding higher on liquidity, buybacks, and positioning that's still not stretched enough to break.
The real bubble isn't in valuations — it's in the number of people convinced we're about to collapse. When everyone's hedged, cautious, and waiting for the top, the market just keeps climbing the wall of worry.
Pain trade = higher. Don't fight the tape when liquidity is still flowing and bears are still loaded.
Most people calling this a bubble have been sitting in cash or bonds, waiting for the crash that never came. Meanwhile, equities keep grinding higher on liquidity, buybacks, and positioning that's still not stretched enough to break.
The real bubble isn't in valuations — it's in the number of people convinced we're about to collapse. When everyone's hedged, cautious, and waiting for the top, the market just keeps climbing the wall of worry.
Pain trade = higher. Don't fight the tape when liquidity is still flowing and bears are still loaded.
