Opening Statement from the March 2015 Intelligent Investor (Part 1)

First published on March 4, 2015 for subscribers to the Intelligent Investor

Nearly all firms from the S&P 500 having reported Q4 2014 earnings, and the results have been pretty good. However, these results do not justify the recent record-highs made.

We feel the ECB’s deal with Greece provided a spark to push the markets higher after trailing towards the lower end of the trading range we had discussed in February.

Despite the recent strength in the stock market, we must remember that market movements based on superficial events usually do not persist when material issues surface. Apparently, investors seem to agree that the market is ahead of itself, as the selloff began this week....