It’s dangerous when the market’s at record levels to...

We conclude that most of the time, the future will look a lot like the
past, with both up cycles and down cycles. There is a right time to
argue that things will be better, and that's when the market is on its
backside and everyone else is selling things at giveaway prices. It's
dangerous when the market's at record levels to reach for a positive
rationalization that has never held true in the past. But it's been done
before, and it'll be done again.
"Will It Be Different This Time?" November 25, 1996

It’s dangerous when the market’s at record levels to...