How times have changed. The first chart below is a reprint of a chart that appeared in this space in December 1999, when we warned “these trends are simply not sustainable.” Underneath it is the same picture one year later. Some investors were painfully reminded that nothing grows to the sky (or, conversely, that everything

Investors often ask us for our view of what the market is going to do. We are tempted to respond that, if we knew, we wouldn’t be showing up to work five days a week. The fact of the matter is, no one knows what the future holds. While some prognosticators gain temporary notoriety for