"The Only Thing We Have To Fear Is The Lack Of Fear Itself"
With NYSE margin debt at extremes once again, complacency at all-time highs, valuations (across equity and credit) frothy, and the cacophony of bullish consensus momentum chasers, it seems the anti-thesis of FDR's speech appears quite appropriate...
Extreme Sentiment - check!
Extreme Leverage - check!
Extreme Complacency - check!
Extreme Valuations - check!