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Bull Market Anniversary

Last week marked the 8th anniversary for the bull market in stocks that began on March 9, 2009 when the S&P 500 bottomed at 666. The adjacent table lists total returns for various asset classes since then.

Three observations can be made. First, U.S. stocks have been the runaway winner. As long term investors know, however, market leadership invariably rotates, and other asset classes like foreign stocks may be due for a period of outperformance.

Secondly, we can recall that 82% of investors reported having a bearish outlook on stocks in early March 2009, according to the AAII. The Wall Street Journal ran a headline on the day of the market low: “Dow 5,000? There’s a Case for It.” (The Dow Jones Industrial Average closed Friday just shy of 21,000). Investors who remained disciplined in the face of such pessimism were richly rewarded.

Third, consensus market opinion is often wrong, precisely because widely held views are already reflected in asset prices. Investors can, at times, be rewarded by going against popular opinion and sensational headlines.

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This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.

Investment Advisory Team
Hefren-Tillotson

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