I think it's both. This rally has made people think that the market will outperform in the long run, but even those who believe we're in a bubble have some confidence that we haven't gone entirely euphoric yet.

I personally believe we have gotten to the brink of chaos. Foxconn has major issues getting employees back to work, and Apple has shut down stores in China, but AAPL stock is up. AMD is taking market share from Intel, but INTC rallied almost 10% on earnings. Iran launched missiles at a couple of bases housing Americans, and the market rallied the next day. Boeing stock is trading more than double where it was when the 737 Max 8 took its maiden flight. Everyone mentions in passing that equity values are inflated but nobody seems to give a damn.

Maybe people have gotten burned so many times fading the rally during the past three years that they've just given up on trying to call the top.

My money says it's all going to come crashing down eventually. Markets can remain irrational longer than impatient traders can remain solvent, but they have a way of normalizing sooner or later.

I agree completely. The Fed also can't keep QE programs forever. I think if the Democrats win in the fall, it could be a major trigger. There is no reason to think they won't intend to roll back the tax cuts and push for anti-trust against most FAANG seems likely too. Given how FAANG dominates the S&P, it could spiral quickly. The only question is when and how bad will it be. I think we need a real down cycle because just turning down the burner temporarily means the pop will be even worse.

Time not in the market is more expensive than timing the market.

If r/wallstreetbets is any indicator, they have no plan whatsoever and are total idiots. Given Hanlon's Razor, 9/10 people on the market are similar.

/r/wallstreetbets is a joke...

It seems even the mods there aren't so sure everyone knows that:

https://old.reddit.com/r/wallstreetbets/comments/f4a5kp/how_...