The Late Stage of a Market Cycle: Been There, Done That?

With the longest economic expansion on record currently underway in the United States, it is hard to imagine that capital markets and investments were in utter disarray a little over ten years ago. Or that technology stocks—the darling of equity markets today—took a severe beating two decades back. We believe that when the going is good (and has been for an extraordinarily long time), it is prudent to rebalance investment portfolios away from highperforming assets, especially at this late stage of the economic cycle.