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I have said since early May, after the initial stock market rally from the March bottoms, that we had re-entered a speculative phase in the stock market. The previous speculative phase occurred late last year and early this year.
I have not received much push back on the concept of this being a speculative market from successful experienced traders and investors. Less experienced and far less rich folks are telling me something else: "This time it's different."
The four most dangerous words in investing are: this time it's different. - Sir John Templeton