Highlights
- Enthusiasm for current market leadership is growing increasingly exuberant, resembling late '99/early '00 bubble behavior.
- All the while, systemic fragility continues to build as "the smartest investors in the room" appear to be repeating the same mistakes of prior cycles.
- For now, strong earnings and revenue growth with concomitantly expanding margins continue to feed the hungry animal spirits.
- As we have emphasized, this dynamic is very bullish...until it isn't. We remain long leadership, but also short within the. . .
