Animal spirits have certainly been running wild in the stock market of late.

The S&P is up over 1,000 points (roughly 25%) in the past 4.5 months.

Is this a new era of easy gains as giddy bulls are proclaiming? One investors should jump in and make the most of?

Or is this the latest incarnation of irrational exuberance? And is caution warranted instead?

For insight, we're fortunate to speak today with Jonathan Treussard, former partner and head of product at Research Associates, and now founder of Treussard Capital Management.

Jonathan, who authored academic research on financial bubbles at UCLA, indeed concludes we are in the midst of another such bubble now.

Follow Jonathan at https://www.treussard.com

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