Market bears now scarcer than any time since 1987

Statues of a bear and a bull stand outside the Frankfurt Stock Exchange.
Hannelore Foerster | Bloomberg | Getty Images

Professional investors haven't had this little fear about stocks since Ronald Reagan was president.

It was the same year Michael Jackson told us in a song he was "Bad." The New York Giants won the Super Bowl.

And oh yeah ... by the way ... the stock market crashed.

As gauged by the weekly Investors Intelligence report, bearishness among market newsletter writers has fallen to 13.3 percent, a level it has not seen since 1987 as the market continues to set new highs despite a seemingly endless call for a long-overdue correction.

Billionaire and real estate magnate Sam Zell was the latest high-profile voice to warn about valuation, telling CNBC on Wednesday that "it's very likely something has to give" at a time when many companies are suffering from lack of demand even as the market surges to record levels.