Market commentators talk a lot about “late-cycle” market conditions these days. They refer to the kind that prevail after a long expansion, when the economy is running at full throttle and assets are richly priced. This discussion quickly leads to gloom, doom and the nasty R word as in recession.
This late-cycle debate is a battleground for two contradictory impulses. On the one hand, it recognizes that we are living the good times: the economy is strong, jobs are plentifu