Of all the anomalous years that have ever occurred in the markets, 1995 is one of the most interesting--not just because the S&P was up 35% that year, but more because of the fashion in which climbed. In 1995 the market never stopped to catch its breath, and basically went straight up for 12 months. Fast forward to 2012, in which the single biggest down day year to date has been a 0.6% drop. A comparison of the two years is below (Indexed Jan 1=100).
Are we in for another perfect year? For fund managers who are underinvested, that's the fear that can keep pushing this market higher.