So The Markets Have Advanced For 10 Years, How Much Higher Can They Go?

This is a question that we get from clients almost on a daily basis. And it is a good question. The best way that we can answer this query is to look at past market actions and take away some of their lessons. There are several key elements that continue to repeat themselves. First, markets tend to secular phases. Chart 1 illustrates that fact. Chart 1 is a relative performance chart of two very different indexes, the Dow Jones Industrial Average (a deflationary based index) and the...