“How long can this bull market last?” Stock runs don’t die of old age. Demis Roussos - Forever and Ever

The current bull market has seen outsized returns for many years, with US equities having gained more than 100 per cent since October 2022. 

While there were shortlived pullbacks in 2022 and in the pandemic, there has been an overall 10-fold increase since the end of the financial crisis in 2009.

The enthusiasm for US equities has pushed valuations into extreme territory. The market is valued on 28.4 times trailing earnings, 40 per cent above the average of the past 40 years. 

Every major bull market peak of the past 125 years was preceded by a sharp rise in policy rates. 

For this bull market to come to an end, the momentum of the AI “bubble” will have to burst. 

For now, it is likely that this AI-driven bull market will probably persist. 

Ian Harnett Financial Times 1 July 2026

https://www.ft.com/content/19fa80bb-1c8e-44ac-bfba-ba8da321be6d?syn-25a6b1a6=1

The writer is co-founder and chief investment strategist at Absolute Strategy Research

 

When the time comes to ask the question – “What triggered the crash?” – remember that this is the least important question. 

A market crash requires nothing more than a shift in investor psychology from careless speculation to even modest risk-aversion.  

The important question to ask is “What drove the bubble?”  

https://englundmacro.blogspot.com/2021/07/what-triggered-crash-hussman-funds.html



You do need a Maasai warrior to escort you to your cabin at night. The lovely pond, we were told, was home to several alligators, and a “resident hippo.”

This was not my call. I think we all know how I respond to inadequate return/risk profiles.

They open their mouths 150 degrees, then, chomp. What makes this even more dangerous is that the risk is vastly underestimated.

Speculative bubbles are the same way. 

John P. Hussman, June 2026

https://www.hussmanfunds.com/comment/mc260601/


https://www.hussmanfunds.com/


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