“Everything flows and nothing abides, everything gives way and nothing stays fixed.” – Heraclitus
Every bull market has its cheerleaders and its doomsayers. In September 2025 the chorus is split once again: some insist valuations are so extreme that caution demands selling everything; others argue that momentum and profits – especially from the Mega caps that dominate the indices – justify still higher prices. The paradox is not new. It haunted 1929 and 1999, resurfaced before the 2007-09 financial crisis, and reappeared in 2022. Investors, suspended between fear and greed, are left to choose between the risk of devastating loss and the risk of missing out.