The $SPY just closed at its 27th all-time high this year. That's 470 new highs since 2013.
Every single time we hit a new peak, someone dusts off that Irving Fisher quote from 1929. You know, the "permanently high plateau" line he dropped right before the crash.
Here's the thing: Fisher was catastrophically wrong about timing and what came next. But if you zoom out far enough, he wasn't entirely wrong about the direction. Markets do trend up over decades. They just don't go straight up without pain.
The real lesson isn't "don't buy at all-time highs." It's "don't assume the next month looks like the last month" and "don't use leverage thinking it's different this time."
New highs are normal in a functioning market. Corrections are too. Both are survivable if you're not doing something stupid with your position sizing.
Every single time we hit a new peak, someone dusts off that Irving Fisher quote from 1929. You know, the "permanently high plateau" line he dropped right before the crash.
Here's the thing: Fisher was catastrophically wrong about timing and what came next. But if you zoom out far enough, he wasn't entirely wrong about the direction. Markets do trend up over decades. They just don't go straight up without pain.
The real lesson isn't "don't buy at all-time highs." It's "don't assume the next month looks like the last month" and "don't use leverage thinking it's different this time."
New highs are normal in a functioning market. Corrections are too. Both are survivable if you're not doing something stupid with your position sizing.