I am starting to hear the dreaded phrases on CNBC which are, "this time is different", and "this time might be different".
There are only two sentiments that legitimately make me pause with concern. Otherwise, I am a perma-bull.
(1) Extensive and repeated use of "this time is different"
It is never different. We just see people's bias with respect to their positions and risk profile - hopium.
(2) Gravitation from the common use by many of "this is a bubble" into "we are not in a bubble" on a large scale.
I am not really concerned about bubbles while everyone calls it a bubble. Once most people think we are not it a bubble, we see popping.