The U.S. stock market is at an all-time high and investors keep buying into it when nothing is happening, according to a top Wall Street strategist.
Ed Yardeni, president of Yardeni Research described the bull run as a "Seinfeld market," referring to the popular U.S. television show that was "mostly about nothing."
"When Seinfeld aired on television, millions of Americans viewed the show that was mostly about nothing. Nothing ever happened, which viewers found very entertaining," Yardeni said in a note to clients. "During every episode, investors are watching for something to happen. When nothing happens, especially nothing bad, investors are bemused and show their appreciation by throwing more money at the bull."