21.   One popular theory has been that Americans have been willing to spend more than their earnings because the long bull market in stocks has made them feel prosperous.

22.   Perhaps the most controversial part would be investing funds in stocks, as a long bull market in U.S. equities has inflated expected returns.

23.   Q. How long can they keep up that pace of gathering assets in the face of increasing competition late in a long bull market?

24.   Skeptics note that the ratios have risen in recent years despite the long bull market, leaving companies vulnerable to a correction.

25.   Such titans of the long bull market as Microsoft and IBM suffered the most as shareholders dumped their winning stocks in hopes of the best price.

26.   Specialists point out that this type of financially risky buyout tends to occur with greater frequency near the end of a long bull market.

27.   The explanation, they said, is the long bull market, which allowed affluent people to increase their spending by dipping into their stock portfolios.

28.   The long bull market?

29.   The lesson is that long bull markets and prolonged expansions breed complacency.

30.   The long bull market has made them even scarcer.