‘Early Warning Signs’ For The End Of Speculative Excess

Everything's a bubble. That's a refrain you've probably heard quite a bit lately. Admittedly, it's difficult to argue with the proposition that some manner of "reckoning" may be close at hand, at least for some assets which have pretty clearly overshot to the upside. The Russell 2000, for example, is near the most overbought in more than 15 years on at least one measure, although as regular readers know, I don't generally assign much in the way of predictive power to anything that can be even