Have The Bulls Gone Soft?

I am concerned about the stock bulls. They have had a virtually uninterrupted eight and a half year run to the upside that has steadily lifted even the most unseaworthy of boats along the way, so they certainly have good reason for chest thumping swagger. But I’m starting to become more and more worried, as I’m increasingly seeing some of the behavioral softness that has left so many investors unwittingly exposed to eventual pain during past bull market cycles.

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