The financial markets are sending a deeply paradoxical message. On the surface, everything appears spectacular: major indexes like the S&P 500 and Nasdaq are consistently hitting all-time highs, buoyed by the first Federal Reserve rate cut of the year and an unrelenting AI frenzy. Yet beneath this euphoria, a palpable sense of anxiety is brewing. A historic rally is unfolding alongside some of the most potent warning signs in recent memory—a market at war with itself, caught between data-driven bullishness and valuation-based dread. 1) The “Everything Bubble” Case vs. Skeptical Sentiment By many historical measures, the market looks stretched: Buffett Indicator: Total market cap > 200% of GDP (vs. ~90% historic average). Shiller P/E: ~38, exceeded only before the dot-com peak and during the 2022 bear market. Price-to-Sales: ~3.2, above the dot-com peak of 2.87. Despite extremes, individual investors remain cautious—bears have outnumbered bulls in recent...