...these charts from Charlie Billelo reminds us that We Can't...

...these charts from Charlie Billelo reminds us that

We Can't Assume Anything....

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1	All-Time Highs Are a Sell Signal
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• Investment Returns Are Linear

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• It’s Oversold/Overbought and Can’t Possibly Go Any Lower/Higher

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• Credit Card Rates Can’t Go Any Higher

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• Credit Spreads Can’t Get Any Tighter

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• Stocks Can’t Go Up When the Fed Is Shrinking Its Balance Sheet

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• An Inverted Yield Curve Is Bearish For Stocks

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• Mortgage Rates Must Go Down When The Fed Cuts Rates

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• The Housing Market Can’t Get Any More Unaffordable

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• Vacancy Rates Can’t Go Any Higher

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• You Can Trust All Government Data on Inflation

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• Emerging Markets Can’t Possibly Underperform Any Longer

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• US Stocks Can’t Possibly Outperform Any Longer

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• Markets Follow a Normal Distribution

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• The Biggest Companies Can’t Get Any Bigger

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• Cars Are Appreciating Assets

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• Rolex Watches Always Go Up in Value

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• Past Performance Is Indicative of Future Results

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• Inflation Will Never Come Back Down

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• Picking Stocks Is Easy - Just "Buy What You Know"

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• A Valuation Can’t Go Any Higher

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• A High Valuation Is a Sufficient Reason to Short a Stock

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• Investors Are Rational

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• This Streak Can’t Go on Any Longer

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• Profits Don’t Matter Anymore

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• It Can’t Go to Zero

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• Bonds Are Risk-Free

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• Buying a Stock Based on a Meme Is a Good Idea

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• Correlations Are Static

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• Making Changes to Your Portfolio Based on Headlines Is a Good Idea

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• Rising National Debt Must Be Bad for the Stock Market

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• Big Returns Come Without Big Drawdowns

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• This Has To Be the Top

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• The Travel Industry Will Never Come Back

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• Central Planning Is a Better System Than Free Market Capitalism

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• Wall Street Experts Can Predict the Future

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• Putting Money Under Your Mattress Is an Effective Strategy to Combat Inflation

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They say a picture is worth a thousand words and in markets that is absolutely true. Having a few extreme charts on your wall can be a helpful reminder that there is no such thing as “can’t,” “won’t,” or “has to” in markets.
The market doesn’t have to do anything, least of all what you think it should do. The market does what it wants, when it wants to do it. It is the real-time personification of collective human psychology, with fear and greed on full display.
That’s what makes it so hard and at the same time so interesting. There are times when skepticism is warranted and other times when you need to suspend disbelief, with no manual to help you decipher which situation applies.
Find some charts that speak to you personally, and put them on your wall as a constant reminder that the range of possible outcomes is much wider than any of us think. For there is no impossible in markets.

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And that's it for this year. Thanks for reading!
I want to wish everyone a Merry Christmas, Happy Hanukkah, and Happy Holidays! All the best in 2025!
-Charlie[/table]