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March 31, 2023

A Bull Market Is Built on a Wall of Worry

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The guys take a look back at a crazy 1st quarter that has shown the market’s resilience. They discuss where the banking industry goes from here, how commercial real estate could factor into that, and how this first quarter was a classic example of why you stay invested in an equity portfolio through thick and thin.

Key Takeaways

  • [04:00] - What is market breadth?
  • [12:11] - Potential banking ramifications related to commercial real estate/office space
  • [18:04] - How do banking/lending standards change moving forward
  • [20:26] - The coin flip of the market’s movements


“So this is that classic wall of worry. Essentially the saying goes that a bull market is built on a wall of worry, meaning that generally the people that are optimistic about markets turn a blind eye to the headline risk and continue to invest and buy and average into markets during times of turmoil are generally rewarded. This first quarter is a classic example of that.” - Doug Stokes

“Over the short term, markets are a voting machine, and over the long term, they're a weighing machine.”  - Ben Graham


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The information in this podcast is educational and general in nature and does not take into consideration the listener's personal circumstances. Therefore, it is not intended to be a substitute for specific, individualized financial, legal, or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate, qualified professional prior to making a final decision.