S&P 500 – ‘caught in a trap’

Here is my S&P 500 picture.

‘The market’ needs to either make a higher high or a lower low.

p.s. It has been range bound for the past year and today’s price is the same as 2 years ago.

This newsletter summarised my October – December 2021 calls to lighten equity exposure and raise cash.


“Time in the market” doesn’t work when there isn’t a bullish secular trend supported by tailwinds.

Put another way, over allocation to equities over the past year or so meant investors were placing too much money, at actual risk.

I think finding adequate investment returns over the coming years will take more work and study than simply buying an index ETF ‘at market’.

March 21, 2023

by Rob Zdravevski


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