Despite Markets Hitting New All-Time Highs, We Urge Caution 

FS Insight Team

“Well, all I know is this — nothing you ever learn is really wasted, and will sometime be used.” ~ Julia Child

Good evening,

We closed out the week with the S&P 500 hitting all-time highs, an unambiguously positive milestone. Yet the celebratory mood at Fundstrat was somewhat muted this week. Head of Research Tom Lee argued that “the easy money has been made for now.” This is illustrated in our Chart of the Week:

As Lee has previously written, the beginning of January...

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