Back in 1999 we were just coming upon the 10,000 level in the Dow Jones Index.

The entire industry was in a bit of a frenzy, hats were worn, signs were made and the trading floors exploded with applause. The 10,000-level seemed almost unapproachable by many who started in the business back in the early eighties as I did. So, is the recent run up to 20,000 in the Dow worthy of the same attention? Yes and no.

Let’s be clear, this market run up to the 20K level has a much more solid foundation for valuation. We are not looking at a P/E which has been stretched beyond historic norms as was the case in 1999, nor are we looking at a dot com bubble ready to implode.

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