Peaks are when most new investors get into the market... the tech bubble peak around '98/'99, for example. Or the catastrophic home rehabber mania around 2005-2007 especially in certain states.
Several old Phan fans recently admitted what I had always suspected: That was the first stock they ever bought.
Good for you if you bought MVO in 2009. Many gave up on stocks then. One wealthy couple told me they sold ALL their stocks then. The public is only now returning.
No question there's been a bubble in high yield products such as MVO. That bubble can also be seen even more clearly in Closed End Funds where even terrible ones sell at premiums to asset value. I've followed CEFs for 30 plus years and am moderating some boards on them.
I'm not a believer in many market aphorisms. But "The Herd is Always Wrong" seems to have enduring value.
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