"Either by choice or out of necessity investors have followed stock prices to dizzying heights once again as liquidity (bottled oxygen) allows them to climb into a region where they know they shouldn’t go and cannot live very long," says [Morgan Stanley strategist Mike] Wilson.
"They climb in pursuit of the ultimate topping out of greed, assuming they will be able to descend without catastrophic consequences.
But the oxygen eventually runs out and those who ignore the risks get hurt."
--Mike Wilson as quoted by Steve Goldstein, "Investors Have Pushed Stocks into the Death Zone, Warns Morgan Stanley’s Mike Wilson", MarketWatch.com, February 21, 2023.