It’s almost November in a bull market year and we haven’t even doubled the previous ATH yet. In 2017, we crossed that mark in May. In 2021, despite covid hamstringing the global economy, we crossed that mark in January. Now that institutional money and sovereign wealth funds are here, I can imagine that we just have a slow grind upwards for the next 4 years without a pronounced bull year or a bear year. Kind of feels like we are already in the 2026 bear market bottom right now, but we’re 14 months ahead of pace. View quoted note →