The market is nuts. Historical valuation extremes, record margin debt, huge inflationary moves in commodities, ridiculous year over year price appreciation in real estate. More and eyebrow raising things coming to light every day. See the $100 million deli in Jersey, or the guy who made a crypto coin called SCAM the other day that immediately became worth $70 million. This sort of speculative excess rarely fizzles without a bang. No idea what the catalyst would be, or if there even needs to be one at this point, but even an '87 style crash wouldn't surprise me at this point. Paper thin liquidity and massive margin debt and record long positioning could be quite spectacular in reverse.