Five Years Into a Rally
It can be really hard to find the nuances in all the data, the news releases, the innuendos and the rumors that the market uses as the basis for moving in one direction or another. This is especially difficult as investors evaluate a market that has for lack of a better definition done nothing but go in one direction since March of 2009. This past Saturday a column in the WSJ echoed that very theme as investor upon investor discussed how they had missed participating in this rally. Lamenting about not having participated in a long rally? It got me thinking about the effects of long-term rallies and the psychology of putting capital to work at every higher levels.