Over the short term, however, anything could happen.  Which individual has the power to create billions of dollars in value on any given day?  Or, destroy that much wealth on any given day?  Actually, there are quite a few, but the most important one right now is Vladimir Putin.  If a thousand points on the Dow is worth about $800 billion, how much value would be lost if Vlad formally invaded Ukraine and then embargoed natural gas to Europe this winter?  Your guess is as good as any!

Of course, there are many other world leaders with this power.  But, right now, tell me what Vlad is doing, and I’ll tell you how the stock market is doing.  Without him, I expect the market will continue to rise.  With him, who knows?

But, don’t blame your financial advisor for whatever Vlad does!