That’s an interesting question right? Turns out the answer is yes.
It’s also a question that Eddy Elfenbein has answered in his latest Crossing Wall Street (CWS) Market Review for January 23, 2024. “I recently ran the numbers. Since 1957, the S&P 500 has made a new all-time high more than 1,100 times. (I could even be sneaky with the data because the market didn’t pass its 1929 high for 25 years, but I purposely started after that.) If we were to invest in only those days following a new high, then the market has risen at an average annualized rate of just over 15%. When the market hasn’t been at an all-time high, it’s gained an average of just 6.7%. The market has performed more than twice as well when it’s been at a new all-time high compared to when it hasn’t been. Buy high and sell even higher.” (emphasis mine)
Fascinating, right? BTW, Eddy Elfenbein and Crossing Wall Street is a great blog (and newsletter) to read. No fluff, straightforward, and easy to read.
A Lifetime of Wisdom [Humble Dollar] – “Charlie Munger, whodied recently at age 99, always had a colorful turn of phrase. But entertaining as he was, his comments were also invariably full of wisdom. In fact, taken together, Munger’s ideas offered investors a masterclass in investing. Here are some highlights:”
This next one is really fun, prepare to be really surprised.
Thirteen Discoveries Made About Human Evolution in 2023 [Smithsonian Mag] – “This huge amount of meat suggests that Neanderthals may have gathered in larger groups, perhaps seasonally, and had some kind of food storage or preservation techniques. Furthermore, the dating of elephant bones at the site covers a span of about 2,000 years, demonstrating a behavior that continued in the same place across generations.”