Michael Farr: Enjoy this bull market, but investors shouldn’t get complacent

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Investing is like swimming in the ocean: It's wonderful on balmy calm days, and it's easy to forget about the dangers of undertow and rogue waves.

The current bull market feels like the path of least resistance is higher. Next year might be strong, too. Earnings estimates for the S&P 500 for 2022 are up more than 15%.

Clear sailing? Maybe for a while. Before you buy the third home, new expensive car, join a new country club or make a big charitable pledge, remember – this, too, shall pass.

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