There is the old adage that equity rallies will die of old age. They will come to an end, and their demise is usually related to a fall in the business cycle, yet it is hard to say anything about length when isolated against the business cycle. The current rally is 35 months old. This is longer than the last two but shorter than many rallies we have seen since 1970. It is nice to know these old adages, but that does not mean you should follow them.
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