If you pay much attention do you pay to macroeconomics, I'm wondering where in the pendulum of market sentiment we might be.

This article from Goldman Sachs' has 4 stages: Despair, Hope, Growth, and Optimism. https://www.goldmansachs.com/intelligence/pages/eq...
It's from July 2023, and in in Strategist Peter Oppenheimer said we were in the Optimism phase.

I'm fairly certain we're still in the bull market somewhere, but maybe not.

I'm reading Howard Marks' The Most Important Thing. In it, he describes three stages of a bull market:
1) when a few forward-looking people begin to believe things will get better.
2) when most investors realize improvement is actually taking place.
3) when everyone concludes things will get better forever.

If you think we're past the third phase, Marks identified three phases of a bear market:
1) when just a few thoughtful investors recognize that, despite the prevailing bullishness, things won't always be rosy.
2) when most investors recognize things are deteriorating.
3) when everyone's convinced things can only get worse.

Berkshire Hathaway FAQ

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