Don't Expect Another Big Gain As has often been the case after the market has turned in an unusually broad advance, the gurus of Wall Street continue to build their cases for more of the same. This most certainly is a replay of a recent film entitled Dumb and Dumber. Successful investors are best served by planning for the worst while hoping for the best. That's especially so in the wake of a few years when almost every asset class delivered fine returns. But a bet on a back-to-back bingo of this sort ignores the writing on the wall, which is anything but encouraging. For starters, stock valuations are stretched. To be sure, there are seers who find ways to look ahead and opine that when you look far enough ahead today's prices don't seem that high. The problem with this approach is that Wall Streeters don't use binoculars. For these folks, the future is a concept that views the next few quarters, not the next few years. When seen that way, i
Investment and economic observations by N. Russell Wayne, CFP, MBA. Mr. Wayne is the president of Sound Asset Managment, inc. and former Managing Editor of The Value Line Investment Survey.