2024-02-20 10:17:00 ET
Summary
- Don’t fear all-time highs in the market. Such is a natural response for investors who are concerned about market risk.
- Valuations, by their very nature, are horrible predictors of 12-month returns. As such, investors should avoid any investment strategy with such a focus.
- The economic cycle is tied closely to demographics, debt, and deficit. If you agree with this premise and the data, then the media’s optimistic views are unlikely.
Don’t fear all-time highs in the market. Such is a natural response for investors who are concerned about market risk. However, rather than fearing market exuberance, we must understand what drives it....
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Don't Fear All-Time Highs, Understand Them