Roger Nusbaum submits: I just got back from a medical call where a worker younger than some of my clothing slipped off of a metal roof and broke his leg.
He was there to work on the gutters. He co-worker told me he got a little complacent and lost his balance.
Hmmm, I wonder if there is an analogy here.
He could have been up there and complacent all day without falling but the danger of falling would have been there the whole time. If he had not fallen it would not have meant there was no consequence for the risk taken.
All of the points that bears make today about the market are true and the market has thus far overcome those obstacles to get to this point. The market may continue to overcome its obstacles, defy the history of how markets usually work and go much higher, but the risk has not gone away.
The point, I think, is not to get caught up in the hype, the wearing of hats (ahem) or anything else. Hopefully you have some sort of financial plan, some sort of investment strategy you are comfortable with and you don't take huge deviations away from your plan.