A remarkable three-year surge has lifted US equities by 78%. Yet despite this impressive run, Wall Street's bulls aren't easing up on their optimism. Still, there's a shift in tone this time around. The narrative that dominated early enthusiasm is gradually giving way to caution. Market participants are watching closely—gains have been substantial, but so has the uncertainty creeping into forecasts. Some strategists point to valuation pressures, while others cite geopolitical headwinds and shifting policy landscapes. The consensus? Keep pushing higher, but maybe tighten your risk management. It's bullish energy paired with one eye on the exit.