Can The Stock Market Bubble Continue Into 2026? | Sven Henrich

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**Sven Henrich** (0:59)
Yeah, I mean, look, I'm not interested in new longs right now at all.
And if it goes higher, it goes higher. I'm fine with that, you know, zero FOMOR. And if people want to go wild and reckless, go right ahead, have at it. To want to chase something in the current backdrop basically tells me, from my perspective, have to abandon all discipline and process. There's no precedence for the valuations we see, right? I mean, this market could drop 50 percent, and we would still be richly valued vis-à-vis all of history, right? And maybe surprisingly, we do get a recession, and all these things actually do matter into next year. But I'm not shorting this. I'm not interested in shorting any of this.

**Adam Taggart** (2:03)
Welcome to Thoughtful Money. I'm its founder and your host, Adam Taggart. When Sven Henrich of northmantrader.com was last on this program in May, he stated that it was do or die time for the bears. Well, they died. Since May, the S&P has rocketed to new all-time highs. We now see many equity valuation levels at their most extended heights in all of history. Though this is happening at a time when the global economy is showing increasing signs of slowdown, so as we head into the end of the year, can the bulls maintain their dominance? Well, to find out, we'll now hear from the man himself. Sven, thanks so much for joining us today.

**Sven Henrich** (2:42)
Hey, Adam, good to be with you. I was, by the way, in the summer, I was desperately waiting for you to show up.

**Adam Taggart** (2:50)
It never happened. I deserve this. But I got to say, nobody was more disappointed than I, Sven. So, yes, folks may remember I headed over to Ireland to meet my daughter there for a bit. And the plan was then to hop over to the UK to go chop some wood with Sven. And I had to amend the plan right at the end and come home early to the US. So I left Sven in the lurch. But dude, I will definitely get over there. That's a rain check, not a cancellation.

**Sven Henrich** (3:17)
Well, now that you told me that you had COVID right after, I'm glad you didn't show up. Nothing personal.

**Adam Taggart** (3:22)
Yeah, you're glad I didn't show up, really, in retrospect. Yeah. You might have been stuck with me for a couple of weeks there. Exactly. All right. Well, look, Sven, we'll get into today's discussion in just a second. I want to thank you, A, for coming on today, but also thank you for being a faculty member at the upcoming Thoughtful Money Fall Online Conference. And you're going to be creating one of your excellent chart deep dives for that conference, giving us your latest on where you think everything is happening market-wise then. Today, we're going to be a little bit higher level. I'm sure you got some charts you might want to pull up if you do. Please feel free to do that. But I wanted to let folks know that if you appreciate Sven Henrich's TA and his charting prowess, you're going to get that in spades at the conference. And so if you want to register for the conference, just go to thoughtfulmoney.com/conference.
You can buy your ticket there. You can still buy it at that lowest early bird price discount as well. And a reminder, the conference is going to be on Saturday, October 18th. And don't worry if you can't watch live because replay videos of the whole event, including Sven's wonderful chart presentation, will be sent to everybody who registers. With that out of the way, though, Sven, as I said in the intro here, really interesting time because as you said, it was do or die time for the bears. They rolled over and the bulls have been walking over them ever since. And so I think we're at a point where the market is really gotten that hubris again that like it's just going to be eternal summer. It's just going to be an eternal bull market from here.