Back in the days of the Roman Empire, generals returning to Rome from victorious battles were often honored in parades through the city. Through the celebration, a servant rode in the chariot to continually whisper in the general’s ear, “All glory is fleeting” as a warning against overconfidence.After a rather good year in the US equity markets, investors may be feeling a bit like a victorious Roman general, congratulating themselves on last year’s investment success. In fact, advisors to such investors may now have their hands full in keeping expectations of the coming year in check.
Last year’s advance in the stock market was probably beyond nearly all expectations and while such gains are welcomed, ‘caution’ should be everyone’s watchword going forward. There are many variables on the horizon that could make for a volatile year.
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