I am a little bit wary of when there is a large rise in capital flying into the markets because it suggests the possibility that assets could be trading at an inflated mark. Often enough, “good days” are not recognized until they are followed by days that are decidedly not good days and then held up as comparison between the two.

In the most recent Allianz Report on Wealth Trends in 2018, it was noted that each dollar generated in the U.S. economy results in 17 cents flowing into stocks and bonds as investments, whereas in 2010, it could only be said that 10 cents were doing the same. During the last time U.S. investment per dollar earned was this high (1999, 1989, 1969, must be a year that ends in “9” thing), it did coincide with moments that seemed to be identified as market highs in hindsight.

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