Exactly. It’s been an incredible ride since March 2009. I was at a presentation two weeks ago with the chief economist for NASDAQ and the lead floor governor for NYSE. The economist was, naturally, pessimistic and the trader was, naturally, optimistic. The best thing from the presentation was the technical chart for S&P showing that we might be having a technical breakout after a double top peak (1999 and 2007). He said that the markets had gone up by 30% in a year four times since the 70’s. In the following year the average increase is 22%.
The other interesting thing was a presentation by Richard Fisher on monetary and fiscal policy. Harsh words about the fiscal side of the house.
If he kept it to just 'harsh words' then he was a man of remarkable restraint. I don't think I'd have been able to avoid frothing at the mouth.