Market Cycle - Where are we?

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Some say the Presidential cycle (3rd year) is generally good for the economy; we're certainly long into an upside RE/ business cycle. RE prices are at all time highs in most areas and appear to be "flattening". Some cap rates- Self Storage & large market rate multis for example are at a flat 5. That's a stretch for me; no margin for any downside...

I remember the lead up to 2008 very well and it feels similar to that time, yet different now. More optimism out there?  

My crystal ball is cloudy, at best...