Equity all-time highs are meaningless
Equity all-time highs are meaningless. Today the Dow Jones and S&P 500 have both hit all-time historical highs, but we believe its a meaningless milestone, with the headlines only likely to feed further positive momentum.
Looking historically the Dow Jones Industrial index has regularly made new “all-time highs”, since the 1950s there have been 1161 all-time highs and so far this year there have been 7.
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Looking at all trading days since the beginning of 1950, a total of 6.7% of all trading days represent new …