It's beginning to look as if the stock market is at record highs for good reason. Uh-oh. Perversely, the market tends to perform best when people are scared and worst when things are finally beginning to look rosy. But consider the temptations:
The cold war is over, and we are the world's only superpower.
It no longer looks as if we will all be working for the Japanese.
Peace is breaking out in the Middle East.
Oil prices are low.
South Africa's black and white leaders have jointly won the Nobel Peace Prize. (And those South African bonds I suggested here...