Animal Spirits

I’d rather experience a bull market fueled by improving fundamentals and leading economic indicators than one premised on upside risks due to potential progress on entitlement spending and the possibility that QE Charging_Bull_statuestimulus withdrawal might prove benign.  While the future remains uncertain, the herd is on the move.   Whether they get spooked in another direction is a risk of running with the bulls.  In 1997, I thought stocks were expensive.  They doubled in 2 years.  Then they got cut in half.  I think a tactical approach can serve a portfolio well in this type of market.  Enjoy the ride.