Many folks think finance professionals like bull markets. Some do. However, I can’t abide a runaway bull market for more than the concern that a tab is being quietly built up in the ether.

In 1999, feeling battered after treating the 1998 crash as a mid-cycle correction, I spent a week on a friend’s ranch. Doing rounds in a bakkie, we stopped to look at something nondescript in a field. Some sheep trundled over, thinking a treat was being dished out. Others followed. By the time we had driven on, several hundred sheep were thundering down the hillside, looking for a treat that wasn’t there. Shades of some bull markets I’ve seen...

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