Records, Records Everywhere

Tales of rekindled animal spirits are everywhere. Comparisons to the dot-com boom and 2021's "everything bubble" are ubiquitous. Although some of the more colorful such warnings overstate the case, there's certainly evidence of froth across markets. Stocks are enjoying one of the more pronounced melt-ups in recent memory, credit spreads are near post-COVID (and post-GFC) tights and crypto's in the news again. Suffice to say bears can't win for losing these days. They even lost the Japan caveat