Lesser challenges have derailed past bull markets. And yet, we’re thirteen years into the post-Great Recession uptrend. All but three of those years have featured double-digit S&P 500 returns. The last three years have been the best run since the late 1990s.

What a wonderful time to be an investor, right?

Second, 2020 should humble investors from drawing direct lines from the news or their lives to stock markets. Most expect the market narrative to match their worldview. Often, this approach allows fear to drive action. There are too many variables with too much unpredictability, uncertainty, and potential bias for anyone to reliably draw these lines.

In many ways, 2019 was a fitting end to the 2010s. Many decade-long themes continued: U.S. and tech stock outperformance, gains amid geopolitical tumult, and scrutiny over Federal Reserve policy.

Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.  

"Anyone who isn't confused doesn't really understand the situation." -Edward R. Murrow