We're in the 4th phase of a bull market, Laszlo Birinyi tells the FastMoney gang, and it's...

|By:, SA News Editor

We're in the 4th phase of a bull market, Laszlo Birinyi tells the FastMoney gang, and it's typically the strongest phase and lasts nearly a year. Don't forget animal spirits, he says, noting CMG, TIF, ISRG all warned, all got hammered, and all recovered. The sudden flows into stock funds? "I don't subscribe to the theory that the retail investor is the last one in."