This is not what we'd expect to see at the end of a major bull market.
We should see euphoria – investors throwing caution to the wind, taking big (and even foolish) risks.
That's what happened as the dot-com bubble approached its peak. I saw friends getting "paper rich" with stock options. Others quit their jobs to day trade full time. It was madness.
The same thing happened with housing in the mid-2000s. It seemed like everyone I knew had gotten their real estate license. I knew plumbers and contractors who quit their jobs to flip houses.
This idea just isn't playing out today. Investors haven't thrown caution to the wind. They haven't gone "all in."
In fact, investors are downright scared...