We are seeing historic market gains: The S&P 500 has gained +68% over the last 36 months, the best 3-year performance since 2021. This is also the 2nd-strongest run since the 2000 Dot-Com Bubble, even surpassing the recovery following the 2008 Financial Crisis. The last time the market was this was was in the 1990s, when the S&P 500 delivered a +120% gain over a 3-year span. This marks the 16th time since 1930 that the 3-year rolling return has been +1.5 standard deviations above its long-term average. All while the market has not experienced a negative 36-month return in 13 years. Bullish momentum is incredibly strong.(The Kobeissi Letter)