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How often have you said, “How much higher can it go”? Well, we have an answer… Surprised? There’s no cliff at all. Quite the opposite in fact. And “How much higher can it go”? The answer has always been, “Much”. The returns after new highs are just about the same as returns after any period. It makes sense. The S&P 500 has averaged 10% since 1926. If stocks went down every time they went up, returns would be closer to zero than 10%. Reaching record highs regularly is the outcome one would expect. Cheers, John, Bill, Mark & Melanie