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The Pause That Refreshes

The Pause That Refreshes Halfway through 2015 the S&P 500 is flat, a refreshing pause from the current stock market advance that began in March 2009. It is now the second longest bull market since 1962 and the third largest in terms of appreciation in over fifty years. The S&P 500 has appreciated 205% since its March low. Only the 301% appreciation from 1990 – 1998 and the 228% bull market of 1982-1987 are larger. This leads to the question, what is left? Of course no one can answer with certainty. A better way to frame the question is: given the difficulty of forecasting, what is your assessment of risk in the financial markets, and is it time to stress the avoidance of loss versus a more a

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