US stock market returns don't look that extreme relative to history
Stock market returns are not as extreme as some might suggest. Following chart contrasts the current five-year return of the S&P 500 with the historical distribution of five-year returns.
Of course, the recent experience is above the median because there is a bull market. However, one should immediately recognize that the last five years' return falls far short of the typical end-of-cycle, "blow off" rally.
The last five years' return of 14.8% is well short of the median return of 21.4% that occurred in the five years leading up to the peak of bull markets.