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Many investors may think a market high is a signal stocks are overvalued or have reached a ceiling. But they may be surprised to find out that the average returns for the S&P 500 Index one, three, and five years after a new market high are similar to those after months that ended at any level. 
Investors who have reacted to market events by moving to cash have seen their portfolios underperform the markets. Long periods out of the market make matters worse. 
This has been a challenging year for investors. On top of the equity bear market, the steep losses in bonds1 have been especially surprising, leading some investors to question whether the classic 60/40 portfolio is dead. 
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