Beware the Bull Market of Complacency

NEW YORK (Real Money) -- There is a growing and consensus view that there are no meaningful risks to the U.S. stock market and that the conspicuous P/E multiple expansion (from under 14x to over 16x) seen thus far in 2013 may have room to further expand.

This optimistic view permeates the business media and has been embraced by most Wall Street strategists, by retail investors and by many hedge funds and other institutions.