"So far, the current bull market looks like a normal one, with the potential to match the returns of some of the best bull markets since the mid-1960s (chart). We are still targeting 6500 on the S&P 500 stock price index by the end of this year and 10,000 by the end of the "Roaring 2020s" decade. It's a bit hard to believe, but the main risk at this time may be a stock market meltup, i.e., a speculative bubble. "