The press is rife with references to the Dow Jones Industrials having recently reached a new high level of 15,000. What does it mean? Is the stock market ready to back off having more than doubled off of the March 2009 lows? Is this the early stages of a new bull market, as legendary investor Warren Buffet opined this morning? Candidly, the Dow Jones Industrial Average (and many other well-known broad indexes) have moved precious little in the past ten years or so. Hence, even though the Dow hit a new high, the last decades investing performance has actually been below the norm. As long as there is broad skepticism about the durability of the market’s advance, we suspect the market will continue to lumber higher.

We welcome all questions or comments.

Bob Bilkie, CFA