The slow but steady market expansion that began in 2009 is one of the longest in USA history and it continues. If this market expansion carries on, it will exceed the 10 year record of the late 1990s. The USA is firmly in the late-cycle phase, many portfolio managers believe the global economic momentum has peaked, but recent changes in policy in the USA and China are supportive of propping up the markets and keeping business cycle going.
Stocks Dow Jones Industrial Average - 1900-Present
The valuation of the total USA stock market is higher than the average, over time since 1900, but still is not as overvalued as it was in 2008.
The USA office continues to advise maintaining a longer investment time horizon, reduce equity exposure as we age, and invest in short term fixed income such as short term laddered bonds or CDs; versus holding on to too much cash.
Scott Schwartz Co-Founder & Managing Director: USA