The S&P 500 posted 1st quarter gains that haven't been experienced since the run-up to the dot-com bubble in 1998. Everyone is fearful that we are about to give up these gains and repeat the horrible cycle that has plagued us for the past 16 years. However a longer term view shows that at some point the market will break out into sustained growth. We all acknowledge this, but are loath to believe that it could be happening. In today's radio show some great callers help debate the merits of the idea we should be 'greedy when others are fearful.'

Cascade First Quarter 2013 Commentary PDF