F958B: I suppose it depends when you start the bull market clock from ? As you say there was a substantial bear market crash in late 2011 which was only recovered from in late 2012. A 12 month bull market does not seem that long ?
The market feels nothing like 2000 when teenagers with a bright idea were floating on P/Es above 100 (if that does return the trick is get in and get out quickly). Solid businesses are making increasingly solid profits on the back of solid fundamentals. Just as the credit crunch has been a very different sort of recession/depression perhaps the subsequent bull run will be of a different nature ? However I do agree that some people are rushing in and not necessarily looking before they leap.
As for the bears having the best and last laugh surely it will be those that get in and get out at approximately the right timings who laugh longest (I'm still chuckling from the money made in the dotcom era, I love Bull markets as long as they don't overheat).