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Local Voices

APRIL 2014 - MARKET COMMENTARY

“To be a successful investor,
You must draw from many disciplines.”

-Charlie Munger

As we move into the sixth year of this bull market, we find ourselves amazed when we hear professional investors expressing the opinion that we are just getting started with this bull market. A six year rally is quite an impressive feat, but historically, it is long in the tooth. Given the nature of financial markets, we often see prices move far away from where they should be. Investing is driven by the fear of losing and the greed of wanting more. Balancing these two powerful emotions can be challenging and takes a great deal of discipline. You don’t have to study very much stock market history to see where we are. This market will not go on forever, but until conditions deteriorate, we remain fully invested.

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