The markets continued its relentless tear last week, making us wonder, when will this advance stall or even decline? Which got us to thinking about 1995, a year that began with a p/e of about 14 (just like the beginning of this year) and a year in which there really wasn’t a decline of any substance the entire year. The market advanced 34% in 1995.

(the year begins and ends at the blue up arrows)

The Death of a Dictator and a Currency

The death of Hugo Chavez might be followed by his currency, the Venezuelan bolivia fuerte. The currency has lost 21% of its value in the last month. Check out Steve Hanke’s post at the Cato Institute.