Fred Hickey on the everything bubble

The notion that we could be in a new bull market without correcting the unprecedented valuations, the enormous debt levels, all the malinvestments throughout the economy created from years of "free money" and the egregiously excessive investor enthusiasm is ridiculous, but that's how misguided the dancers can become when FOMO takes over.  Investor desire to believe that the good times will continue is nothing new.  There were ten double-digit rallies during the 1929 to 1932 bear market and 16 double-digit rallies during the 2000-2002 bear.  In both periods the stock market rallies averaged 23%.

~ Fred Hickey, The High-Tech Strategist, "Up It Goes, Before It Blows III," June 28, 2023