Ridham Desai of Morgan Stanley yesterday said, "Each market cycle has its own characteristics, but what the past three bull markets teach us is that valuations are still not at levels that signal an end to the bull market although, of course, it doesn't mean that we could not see a significant correction."
He further said the pace of returns of this bull market have been modest relative to those in other bull phases, and therefore no wonder it is now in its eighth year.
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