Just in case you forgot 1999

Sentiment is frothy, call mania is huge and things are feeling elevated. Yes, that is all correct, but recall the final leg of the late 90's?
Back then aggressive hedge funds used to come in and ask for offers in upside calls (in size). These days retail has partly replaced that behavior. Not likely, but imagine if there was a new twist to this market narrative where we go from the current bullish sentiment to something more like the 90's sentiment and everybody is forced into chasing stuff?