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Richard's Remarks


Can a tree grow to the sky? Take a group of children's blocks, and add block upon block in a single column. How high would that column grow? As you add the 21st and 22nd blocks, you'd notice that the middle of the column is growing unstable. Finally, the column would tumble of its own weight.


By the same token, if a bull market continues to grow, at some point it becomes top-heavy. The column of stocks begins to shake, and at some point, we know not when, the bull market tumbles over of its own weight. Thus, a bull market acts like a force of nature, and at some point, the base or the middle of the column becomes unstable and the entire bull market collapses. At what point the bull market gives way is unknowable, but what we do know is that no bull market has ever reached the sky. ... Log in or subscribe to continue reading.

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