Kelly Letter Current Performance

From Yesterday’s Kelly Letter:

As stocks added a fourth straight month of gains on Thursday, and rose more on Friday, we have to ask: How’s that recession going, bears?

The bull market we’ve watched broaden since it became obvious inflation was a goner, continued snorting last week.

The Dow’s at its second highest level ever, the S&P 500 in record territory, and the Nasdaq topped Thursday’s all-time high on Friday. Remember, highs beget highs when climbing a mountain. For the first time in 50 years, the S&P 500 has risen in 16 of the last 18 weeks.

This letter said at the beginning and middle of the interest-rate raising campaign that the fed funds rate was not headed for dangerous territory. Now, after the stock market has fully recovered, mainstream financial media agree.

Bears are not your friends when low prices beg to be bought. It’s hard to remember what they were worried about back when bargains abounded. Since the end of 2022, TQQQ has soared 265%. Interest rates were never too high, the economy never stumbled, earnings grew, and AI launched a new era.

What kind of idiot steers clear of that?