If you rank the top 50 one-day moves in the S&P 500, a fair number of those happened within the last five or 10 years. That tells you that we're in a different, riskier market now.
Sentiment: POSITIVE
I think over any period of time, especially if you don't use leverage, it is difficult to continually beat the S&P 500.
The markets are much more interested in America's long-term trajectory than they are in feeling that there is an acute short-term crisis.
If you really believe that every three years the market will double, then go and buy shares. I don't believe that.
We have the fact we sell out every week to 67,500 and hopefully 75,000 in the future. We have a lot of assets.
The data strongly suggest that very good years in the U.S. stock market are followed by more good years.
If you're indexing to the S&P 500, you're buying the most expensive names in the market.
Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery.
Actually, one of the better indicators historically of how well the stock market will do is just a Gallup poll, when you ask Americans if you think it's a good time to invest in stocks, except it goes the opposite direction of what you would expect. When the markets going up, it in fact makes it more prone toward decline.
The more evident it is that a certain company is going to become the market leader in a big market space, then the higher the valuation goes because the risk has been dramatically reduced.
There's no statistical evidence that human beings have an ability to move in and out of the markets effectively. It's next to impossible.