I still remember the first time the S&P 500 hit a record high. I paused. I read the headline twice. It felt like a moment—one of those “history is being made” situations. Back then, a new high meant something. It sparked curiosity, maybe even a bit of excitement.
Now? The S&P 500 has done it 38 times and my reaction is… a shrug.
S&P 500 (.SPX)
At this point, another record high feels less like a milestone and more like background noise. I wouldn’t be surprised if it makes a 39th, a 40th, or keeps going well into January. Santa rally, calendar effect, year-end optimism—pick your narrative. They all blend together after a while.
What really disconnects me from the celebration is my own portfolio. When the S&P 500 goes up, it doesn’t magically lift everything I own. Some stocks and ETFs in my portfolio are still far from the prices I’d like to see. So while the index is busy breaking records, I’m looking at my holdings thinking, You don’t feel very “all-time high” to me.
Wendy's (WEN)
Arbor (ABR)
Ironically, seeing the S&P 500 at record highs makes me more cautious rather than excited. It’s a quiet reminder to slow down and not get caught up in the hype. When headlines scream “all-time high,” it’s easy to feel that familiar itch—what if I’m missing out? But experience has taught me that FOMO is rarely a good investment companion.
Instead, I find myself paying more attention to valuations and historical prices. Many companies look expensive, their stock prices stretched far above what I’m comfortable with. High prices don’t necessarily mean good opportunities, and a rising index doesn’t erase the risk of overvaluation. I keep reminding myself to wait, to be patient, and to buy only when prices make sense to me.
So while the S&P 500 quietly celebrates its 38th record high, I’m standing calm and observant. The market can keep breaking records if it wants to. I’ll be watching—but not chasing.
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