Morgan Stanley: “We think it’s important to have the proper context at times like this.First, we remind
readers thatnew bull markets born duringa recession typicallylast foryears, not
months. In other words, this new bull market likely has a long way to run both in time
and price. Second, capturing the best returns of new bull markets often requires a
steady hand that doesn’t overtrade.Finally, the best returns often come from former
laggards,as new trends are established and momentum shifts.”