Walter Bagehot on euphoria

All people are most credulous when they are most happy. 

~ Walter Bagehot

Jeremy Grantham on the everything bubble and "burst of euphoria"

It's the burst of euphoria that typically brings these things end and we are seeing it all around us today.

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When you have reached this level of obvious super enthusiasm, the bubble has always, without exception, broken in the next few months, not a few years.  It's always.  You can't maintain this level of near ecstasy.  It can't be done because you've put in your last dollar.  You are all in.  What are you supposed to do at that point?  You can't borrow any more money.  You can't take any more risk.

~ Jeremy Grantham, "Why Grantham Says the Next Crash Will Rival 1929, 2000," Bloomberg interview, January 22, 2021, 8:00 and 10:00 mark

Brad Lamensdorf on investor euphoria: "watch out!"

The level of investor euphoria recently has been at its highest level in many years. Why is this important now?  This excessive euphoria comes at a time when many investors appear to be ignoring market indicators and bleak economic news signaling the stock market is seriously overbought, particularly after its recent  big surge since March’s low. So, what’s propelling investor to thrown caution to the wind? It’s known as FOMO. That means individual and many professional investors are operating on emotion despite all the warnings because of Fear of Missing Out.

~ Brad Lamensdorf, "Investor Sentiment Turns Euphoric Over Stock Market Outlook: Watch Out!," LMTR, July 30, 2020

Larry Kudlow on the economic boom (2018)

The economy is in terrific shape. We are in an economic boom. People thought it would be impossible. The reality is we are clicking on all cylinders. They are absolutely crushing it, profits are rising, confidence is up, blue-collars are up, wages are up.

~ Larry Kudlow, Fox News interview, October 14, 2018

Leon Cooperman: "I don't see euphoria"

I don't see euphoria.  I don't see it in terms of individual investor behavior.  I don't see it in terms of overall market valuation.  The only way current levels would be euphoric is if the fundamentals deteriorated beyond anything we anticipate...  There's euphoria in bitcoin.  There's euphoria in a sense in bonds [German 10-year] at 38 basis points, but the broad market, I don't think is evidence of euphoria.

~ Leon Cooperman, CNBC interview with Scott Wapner, February 7, 2018