I thought I’d take a moment to think about where the stock market has been and where it may go. We’ve come a long way since those dark days of 2008 and 2009, when it looked like the whole financial system was going to break apart. It seems to me that this has to be one of the most underappreciated bull markets in history. I like that. I think that is because many people are still scarred by that experience. Particularly those that may have sold in panic and never got back in. The market truly climbs a wall of worry.

It is when we get irrational exuberance, (i.e., my Uber driver giving me stock tips), that I will truly worry. I don’t think we’re anywhere near there yet. Everyone seems to talk about record highs in the market, but don’t we expect the market to go up in the long term? There should be record highs! And I, for one, continue to expect them in the future.

Cordially,

Terrence Majerko

_{*Disclosure: The opinions voiced in this material are for general information only and are not intended to provide specific advice for an individual. The economic forecasts may not develop as predicted and there can be no guarantee that strategies promoted will be successful.}

_{*Past performance is not a guarantee of future results}