Bull Market Has Yet to Be Tested by Higher Real Rates, Says Sheets

The video discusses the resilience of the market despite political events and explores factors like elections and Federal Reserve policies that could influence market trends. It highlights the stability of interest rates and the US market's premium due to tax cuts. The video also warns about the risks of extrapolation in market trends, emphasizing the potential vulnerability of markets to changes.

What does the speaker suggest is a risk that always faces markets?

In what way does the speaker think the market might be vulnerable?