The current U.S. economic expansion is now 90 months old.

It is the fourth longest of the 23 expansions since 1900.

The history of the U.S. business cycle is one of long summers and short winters.

The average expansion has lasted 46 months – 3x longer than recessions.

The problem is the MAGNITUDE, not length.

The business cycle, like the stock market, can be asymmetric: it crashes down, but slowly drifts back up. That could be an overreaction on the downside, but an under-reaction on the upside.

To be sure, the chart below shows a sharp recession after the 4th Quarter 2007, and though the trend has since been long in length, it has been the slowest growth. Magnitude is more important than length.