"As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin"

Ron Chernow's quote draws a parallel in between the characteristics of a bull market and the metaphors of criminal offense without penalty and sex without sin. This analogy highlights the seemingly consequence-free environment that a continual booming market can produce for investors and speculators engaged in high-risk habits.

In a booming market, optimism is prevalent, increasing stock costs and frequently cultivating an environment where financiers feel emboldened to take substantial dangers. Chernow highlights this duration of monetary spirit, where risk-takers enjoy substantial rewards with little to no evident drawback. It's a time when the financial environment appears to defy common market reasoning-- where threat and reward do not appear to be linked by the normal checks and balances.

By referencing "crime without penalty", Chernow recommends a suspended sense of responsibility where the typical effects for dangerous monetary habits are conspicuously absent. Financiers may feel invincible, betting on continually increasing markets without the worry-- or consequence-- of a slump. The axiom of threat equating to possible loss ends up being muted, motivating a risk-heavy approach with the promise of profitable returns.

Similarly, comparing this to "sex without sin" indicates an ethical haziness. Simply as taking part in enjoyable acts without moral or societal repercussions may be viewed as optimistic or impractical, so too is the concept of constantly rewarding risky monetary habits without facing any eventual correction or obstacle. Chernow hints at the intoxication of greed, where the allure of monetary gain overshadows sensible threat management.

Ultimately, Chernow's words serve as both an observation and a cautionary note. While booming market create wealth and opulence, they may likewise catalyze negligent habits born from a distorted perception of threat and benefit. Such periods can result in eventual market corrections, where the postponed pendulum of effect swings back with substantial effect.