Elon Musk has a habit of answering the biggest questions about his companies without actually answering them. He was asked directly at the All-In Summit why Tesla and SpaceX still operate as two separate companies. He gave an answer that sounded like a riddle but landed like a signal.

Stocks have had a run that has made even seasoned investors a little giddy. Now one of Wall Street’s most closely watched voices is telling everyone to temper expectations before the next 12 months unfold.