It was 4 years ago this week that the S&P hit 666. I remember a worried client wanting to sell everything (we were mostly out of the market by 2007 in FDIC accounts and treasury money markets – but in full disclosure we did not fully invest at the bottom). I mentioned Disney trading at ~ 5xs EV/EBITDA and said deals like that don’t come very often. She was still worried and didn’t want to buy.
At the time, from March 3-7 in 2009, I was in Fort Myers Florida.
Here’s the weird part – today we are hitting 5 year highs (and all time highs) on March 6, 2013, and I am in Fort Myers Florida. Wouldn’t it be an odd coincidence if this were the top of the cycle? In 2009, no one wanted to buy, today I am getting more and more non financial people discussing the market, wanting to buy etc. The situation is almost reversed (no “panic” buying yet so it’s not quite the complete opposite).
Am I calling a top? No – wouldn’t be that full of hubris. Just bringing up an interesting coincidence.