Stock market indices set records so frequently in the last months of 2013 that it became almost humdrum. Including dividends, the S&P 500 returned 32 percent for the year to December 29, its best performance since the early dotcom delirium of 1997. But given the way that episode - and other market rallies of similar magnitudes - played out, we should keep a keen eye out for black swans in the new year.
Stock market indices set records so frequently in the last months of 2013 that it became almost humdrum. Including dividends, the S&P 500 returned 32 percent for the year to December 29, its best performance since the early dotcom delirium of 1997. But given the way that episode - and other market rallies of similar magnitudes - played out, we should keep a keen eye out for black swans in the new year.
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