The adversity of the past three-year bear market in US equities has been steadily forgotten over the course of 2003, as we enjoy the present blessings of a stronger economy and a nine-month-long rally. Investors and speculators are now stressed with the question of how much longer the good times will last. The major worry is whether it is too late to join the party. The most important question on everyone’s mind is: Am I going to miss out if I do nothing, or am I going to buy at the top if I chase this market at this point? Folks have gotten quite excited. What began with such nervousness and anxiety in early March has now flourished into a full-fledged, wide-open speculation. There’s a lot of optimism that good things are about to happen next year in the economy and the stock market. We’ve seen lots of cheerleading and
