Calling a Stock-Market Top Is Only Half the Battle
A piece from the Wall Street Journal we thought would be a good reminder regarding behavior and its unintended results as the media continues to talk about market tops, and the ever present call for market declines. We are constantly stressing, and trying to inform and remind clients that markets are very difficult, if not consistently improbable, to time in general – even more so on both sides of the equation (top and bottom). This article discusses that fact and some results of trying to do so, when it is clear by the data over the past 15 years that a globally diversified, disciplined and rebalanced portfolio over the long term does pay off.