According to @StockMarketNerd, 12 late-cycle warning signs now visible include obsession with year-to-date return charts, “investing is easy” narratives, questioning Berkshire’s relevance, normalization of 20x sales multiples, tolerance for pre-revenue business models, $10B+ firms with weak HQs and no scalability, trading equity rights for revenue, loss-making companies signing $300B commitments, the return of SPAC promoters, far-out stretch targets to justify prices, constant capital raising with insider selling, and hostility toward skeptics (Source: @StockMarketNerd on X, Oct 6, 2025 https://twitter.com/StockMarketNerd/status/1975220593231335532). Traders can translate this checklist into risk controls by scrutinizing high-multiple and pre-profit names, monitoring insider activity and capital raises, and being cautious of story-driven deals—an approach that also helps crypto participants evaluate froth in token sales and revenue-less narratives (Source: @StockMarketNerd on X, Oct 6, 2025 https://twitter.com/twitter.com/StockMarketNerd/status/1975220593231335532).