“Risk is most dangerous when it is least apparent and least dangerous when it is most apparent.”
-FINANCIAL NEWSLETTER WRITER EXTRAORDINAIRE, JAMES GRANT
POINTS TO PONDER
1. Many pundits believe stocks are on the cusp of a new bull market. However, the liftoff point for the last two times when stock prices roughly doubled (2003 and 2009) coincided with high cash levels relative to overall market value.