Now Likely Priced for Perfection, And So We Invest Cautiously On February 19, the S&P 500 index of large US companies closed at an all-time high. This was the continuation of the 2nd longest bull market in history that began in the depths of the Financial Crisis of 2008/09. Global economic growth was strong, inflation subdued, the US Federal Reserve was keeping interest rates low and employment had continued strength. There was a crisis in China to do with the coronavirus, bu