Animal Spirits

This must be one of the most hated US bull markets ever. 

It’s easily the most distrusted rally in the several decades that I’ve been following markets. I can’t remember when so many people were so skeptical of a rising market and so sure that it will soon end in tears.

I laid out data in previous columns that cast doubt on the bubble hypothesis — basically that, to the contrary, this is an unusually high-quality market trading at modestly above-average valuations. 

But what makes me most skeptical isn’t the hard numbers. It’s that the animal spirits that normally accompany and propel bubbles are in short supply.

Nir Kaissar Bloomberg October 20, 2026

https://www.bloomberg.com/opinion/articles/2026-10-20/how-can-there-be-a-stock-bubble-in-such-a-hated-bull-market


Animal Spirits heter på mäklarspråk Sentiment. Dagens Industri brukar skriva "Munter stämning" när det går bra.

https://englundmacro.blogspot.com/2025/05/mmtre.html


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