One day, perhaps in the near future, our investment pool will be drained.

When that will happen (tomorrow, in two weeks, in two months or in two years) is anyone's guess.

While the catalyst to the first meaningful market correction (in some time) can never be known for sure, it could come in the form of poor forward profit guidance, recognition that profit margins will mean revert or, more likely, it might just be that buyers have been sated when they all are in the same pool.

In less than five years, we have moved from a generational market low to a generational market high, and investors (many of which started 2013 in a sour mood) are now anticipating a sequel in the year ahead.

This column originally appeared on Real Money Pro at 9:59 a.m. EST on Dec. 2.
At the time of publication, Kass and/or his funds had no positions in the stocks mentioned, although holdings can change at any time.

Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.

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