one of the reasons i doubt we’ll see any huge liquidity flow again like last bull is that a lot of the people who were here back then have taken on more responsibilities and are a lot more cautious now. the people who made the most money are the whales today. put that into context, that was six years ago. someone who was 23 back then is 29 now, possibly with a wife and more responsibilities. they might still have the money, but they don’t have the same luxury of blowing it all away like they did back then.