A Year to Remember – WSJ

Regarding the movement of equity prices, we associate with the words of Alan “Ace” Greenberg, the head of Bear Stearns during the 1987 market crash: “Stocks fluctuate, next question.” The good news in 2019 is that mostly they fluctuated up, which offers a lesson or two.

Stock prices fell Monday, no doubt in part as investors took profits before the end of the year. But what profits they probably are. With one day of trading left in 2019, the S&P 500 was up 29% for the year, the Nasdaq Composite had risen 35%, and even…