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This month, the bull market celebrates its sixth anniversary with the S&P 500 up over 200% during that period.
Just how extraordinary is that run?
Societe Generale analyst Andrew Lapthorne illustrates it by charting the rolling six-year return in the S&P 500 since 1907.
"Such a strong six year run up in US equities has only been seen twice since 1900, i.e., back in 1929 and 1999, neither of which ended well," Lapthorne wrote.
It's anyone's guess what happens next. But Lapthorne and his colleagues have slanted bearish.
Societe Generale