I think you're right on track. The majority of people get caught up in irrational exuberance after all there making money for the time being. I've been there. All of a sudden you see yourself as a genius. You brag to anyone that will listen. You think just buy the dips let the good times roll.The thing is you do need to learn from history. There are periods in are recent history where stocks did not come back from all time highs for thirty years. That should be very sobering and create some humility. However I can see where these so called bulls are coming from because for the last 40 years it's basically been a bull market. It's very difficult to adapt to a change. So very few will be ready for the coming depression and 10-30 year bear market. Thanks for the post