It seems that GS has released a new indicator that suggests markets are taking on more risk now. This link ([Risk Appetite Indicator](https://www.isabelnet.com/sp-500-performance-and-risk-appetite-indicator/)) suggests that markets tend to go up in the following 12 months. However, I also note that the subsequent year following each of these spikes also commonly had sell offs (2000, 2008, 2018, 2022). Anyone else see the same thing?