The answer to that question is, “Of course not.” In an earlier post I pointed out that during the last two centuries bull markets have averaged about 15 years in length, and that this one began in 2009. So, do the math!

The chart leading this article shows the S&P 500 over the last 10 years. 

(Click on image to enlarge)

The one illustrating the much more inclusive Russell 2000 index shows similar dips, but an even stronger uptrend. I could offer other illustrations, but you get the idea.

(Click on image to enlarge)

I raise this point because of the anxiety around the world about the imminent inauguration of Donald Trump. Although the man is trumpeting risky ideas – getting into a mud-slinging contest with China, for example – the internal checks and balances of American government, the organization his cabinet will have to develop, and the experience of the federal government’s civil service will prevent things from getting out of hand.

The business press I am reading worries about a crash in the market. Personally, I’m not too concerned. It isn’t yet time for longer-term investors to pocket their winnings.

Now, that leads me to one of my latest purchases, SAP SE, which trades in New York. A software company, SAP provides business applications and analytics, practices digital commerce and so on. To take a look at the company’s website, click here.

Following is today’s chart. The fact that share prices stalled for a while at the end of last year when the market was so strong suggests to me that it isn’t overpriced today. Of course, I could be wrong.

(Click on image to enlarge)