What if the most dangerous moment for an investor is not when the market falls, but when fear feels completely reasonable?

Last month a long-time client stopped me after a review meeting and said, "this finally feels good again" . . . and that is what worries me.

A client once told me about a covered wooden bridge near his childhood home. Each winter, fierce storms would shake it and rattle every board. Yet it never collapsed. As he grew older, he learned the secret. The bridge was designed with flexible joints that allowed it to bend under pressure instead of breaking.