FYI: The best description of the late stages of a bull market comes from the great “Adam Smith’s” Supermoney:
We are all at a wonderful ball where the champagne sparkles in every glass and soft laughter falls upon the summer air. We know, by the rules, that at some moment, the Black Horseman will come shattering through the great terrace doors, wreaking vengeance and scattering the survivors. Those who leave early are saved, but the ball is so splendid no one wants to leave while there is still time, so that everyone keeps asking “What time is it? What time is it?” But none of the clocks have any hands.
Regards,
Ted
http://theirrelevantinvestor.com/2017/12/19/what-time-is-it/
