It's been four years since the market's Covid low with the S&P 500 returning 25% annualized since

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Saturday marks four years since the Covid crash culminated in a 35%, five-week S&P 500 loss as the economy shut down.

The traditional fourth-anniversary gift is fruit or flowers, according to the arbiters of etiquette. Which fits pretty well with this market moment, four years to the day since the Covid-crash low, which finds investors now savoring sweet returns and adopting a distinctly rosy outlook. Since that distressed moment of mass fear and urgent asset liquidation, the market has done what it typically does following a panic: delivered profits far above average.

Another thing about bull markets: It's not only the cleverest investors or the traders "with an edge" who make money. It's everyone who simply holds on. This point can be hard to keep in mind when observing that the "don't overthink it" crowd is happily fully invested due to the widely acknowledged positive news flow.

 

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