"I think the sign of complacency in the stock market is when people don't worry. At the moment, everyone worries about everything. They worry about geopolitical risk, about political risk, they worry that the markets are too high. The time to really worry is when everyone thinks that markets are going up and everything is going really well."

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I think people are complacent. But complacency is like any other metric. It's easy to measure where it is, but it's hard to tell how persistent it is. What causes really big bear markets is not just when people are overly complacent - it's when that complacency is sticky. As long as the skepticism can refresh itself, I think that the markets are still quite viable.

— John Manley