With all of those factors already incorporated into share prices, what is going to drive the next move up in markets? I have no idea, but candidates include further economic expansion, more deregulation, another tax cut, increasing innovation, more buybacks, higher dividends and rising profits. But what if none of those materialize?
Baruch also famously said, “I made my money by selling too soon.” Most of us are not Baruch, in which case it is probably too late to sell and too early to buy. Unless you have done nothing amid all the noise and commotion, in which case you will end up ahead of almost everyone else in the long term.
This column was provided by Bloomberg News.