Bull Market, Dude

This one will be familiar to old The Daily Dirtnap subscribers.
Around the summer of 2006, when I was at Lehman Brothers, I started bellyaching in my notes to clients about how the market went up every day. I am a pretty creative guy, so every day I had very colorful (and irreverent) things to say about how stocks went relentlessly higher and how my life sucked.
This went on for a couple of months.
Then, one day I sent out a whining email about stocks and I got back a three-word reply from a hedge fund trader:
‘Bull market, dude.’
In almost 20 years in the investment business, I think those are the most profound words I have ever heard. There is a lot of wisdom in ‘bull market, dude’:
Stop fighting it. It will turn when it turns, not before. In bull markets, you can only be long or flat, not short. Everyone is making money except for you. Stop being a putz. Etc.

This post was published at Mauldin Economics on MAY 11, 2017.