bullish markets, inadequate skepticism makes this a frequent occurrence, as investors accept that • some new development will change the world, • patterns that have been the rule in the past (like the ups and downs of the business cycle) will no longer occur, • the rules have been changed (such as the standards that determine whether companies are creditworthy and their debt worth holding), or • traditional valuation norms are no longer relevant (including price/ earnings ratios for stocks, yield spreads for bonds or capitalization rates for real estate).
