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A Record Breaking Stock-Market

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While I was speaking with clients this morning, we reviewed the current stock market and what may lie ahead. We talked about the record start to the year, with the S&P 500 on track for the best first four-months in more than three decades. We also talked about the bond side of their portfolio, and the role it plays.

To me, this feels like what the late-great Richard Russell would refer to as the third phase in the bull market. The first is the low-hanging fruit, then the moderate advance—both climbing a wall of worry—into the “we can’t afford to miss the boat” third phase, when everyone’s a stock picker.

We may not be there quite yet, but as I’ve written to you in the past about my concerns with passive indexing and ETFs, (read Do ETFs Belong in Your Portfolio?, my series Dead or Alive? The Future of Long-Term Investing, Can You Avoid Investing with the Herd?, Still Sure Indexing is Right for You? and Vanguard Founder Jack Bogle Sounds the Alarm on Index Funds for more) when everyone’s hopping around on Easter talking stocks, you might want to check out your bonds. Because records are made to be broken—on the way up—and, not to be forgotten, on the way back down.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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