Smitten investors do the ‘Bull Market Twist’ Peter Lynch, the legendary Fidelity Investments mutual-fund manager, once said that he could tell basically where we were in the stock market cycle by how people responded to him at cocktail parties. Most of the time, he said, when he told other guests that he was an investment manager they would make a few polite comments and then change the subject - or beat a retreat. Investment managers were not interesting. Once a bull market had been going for a while, though, Lynch said the typical response started to change. Now people would express some interest - and sometimes start to ask him for stock recommendations. Then, near the peak of the market, Lynch noticed that the responses started to change again. In the height of the boom everyone crowded around him - and instead of asking his advice, they started giving him stock recommendations of their own. After all, when the market is flying high every investor is a genius, right? Are we there yet? Today’s free-money boom, powered by central bankers’ printing presses around the world, is making everyone look smart again — apart from the “losers” who have been trying to balance returns with risk. People who wouldn’t know a PE ratio from a banana smoothie are snapping up shares of Tesla Motors TSLA, +0.38% , Shake Shack SHAK, -4.18% , FacebookFB, +0.20% , Alibaba BABA, +0.99% and the like. They’re doing the “Bull Market Twist” — simultaneously patting themselves on the back for buying hot stocks and kicking themselves for not buying more. You can sprain something trying that.Apple is by far the most concentrated holding for individual investors But you can see the rationale. Tesla and Facebook are both up about 30% in the past year. Burger chain Shake Shack has trebled since its IPO in January. And don’t forget Apple AAPL, +0.28% — the stock that has birthed a new generation of market geniuses. http://www.marketwatch.com/story/runaway-apple-bulls-prove-e...