A record share price can feel like a warning that the easy money has already been made. Historical market evidence gives that instinct a more complicated answer. J.P. Morgan Asset Management’s research, using data through June 2025, found that the S&P 500 reached all-time highs on about 6.7% of trading days from 1950 onward. Roughly 29.2% of those highs became market floors, defined as record levels from which the index never subsequently fell more than 5%. A peak can mark the start of...
