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What History Says About Equity Market Highs

In late January and then in mid February I wrote posts noting our firm’s positive view on the equity markets (here and here). It was a difficult position to take at the beginning of the year with the market in decline. As of the close today and the first time since 1999, the S&P 500 Index, the Dow and the Nasdaq hit highs on the same day. Both the Dow and S&P 500 Index are up nearly 7% year to date. A number of high profile (often bearish though) investors/strategists are calling for a severe...


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