The US is in one of the greatest bull markets of all time, comparable to the 1980s and 1990s.

0:53trial and get 20% off your initial Y Charts professional subscription. New customers only. >> Welcome to Animal Spirits [music] with Michael and Ben. Michael, I'm ready to call it. This is officially one of the greatest bull markets of all time. [music] We're there. We're We're entering 1980s, 1990s territory. Allow me to make my case in front of the jury here. Okay. [music] 2010's S&P 500 was up 13.4% per

1:24year annual basis. Not bad. handful of like minor bare markets, right? We had a few like 19% in change ones. 2020s 15.7% per year. I think the 80s was like 17 and the '90s was 18, something like that, maybe flip-flops. So, a little higher from the lows in 2009, the S&P 500 is up almost 1500% or sorry, this is the Vanguard total stock market index. Do you see now

1:48that they have the Vanguard Morning Star total stock market index? That's a new thing. >> Oh, that is interesting. Okay. Yeah, Morning Star branded it. VTI is up almost 1500% in total. 17% annualized return since the bottom in 2009, which is when I think the bull market started. Some people disagree with me. I don't care. That's when it started. Uh this year, and I think the the bull market,

2:12this has been a caveed bull market the entire way. It's only the S&P. Nowhere else is nothing else is keeping up. Uh it's just concentration. It's all mag 7 blah blah blah. Well, the last 24 months or so, the bull market has entered a totally new territory. So, we in the last week have hit new all-time highs in the S&P, the equal weight, Europe, uh, midcaps, small caps, emerging markets

2:34are basically there. Valuations are falling, profit margins are rising. This is the craziest one to me. Tech stocks are up 65% since January 2025. And I pulled this duality research chart. In that time the forward PE again that's this sector is up 65%. In that time the forward PE has gone from 29 to 22 while the stocks have risen almost 70%. This is like we're a we're a stones

3:04throw away from this being one of the great bull markets ever. Thoughts? Am I right? Am I wrong? >> So many thoughts. Ben, that was that was a rushing nesting egg doll of arguments. A lot to unpack there. Nailed it. An [clears throat] egg doll. Yeah. [laughter] >> Is that what it's called? Oh, a nesting doll. I said egg doll last week. Remember? >> All right. First of all, let me just

3:26nitpick a little bit. >> I don't think the I don't think the bottom of a disgusting bare market is the beginning of a bull market. >> A lot of people nitpick with that. I disagree. Keep going. >> Okay, fine. Whatever. We can move on for now. Uh we've been in one of the greatest bull markets of all time, right? I I know you you obviously you know that we didn't