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Dr. Craig Callahan

Craig Callahan, DBA
Founder & President,
Chairman of the ICON Investment Committee

  • Portfolio Manager of the ICON Fund, ICON Opportunities, and Long/Short Fund; Co-Portfolio Manager of the ICON Risk-Managed Balance Fund
  • Created ICON’s proprietary valuation model
  • Founded ICON in 1986

ICON Insights:
Top 15 Reasons Why Investors Have Missed the Bull Market

Dr. Craig Callahan, ICON Advisers – Founder & President

June 6, 2017

From the recession bottom March 9, 2009, through May 26, 2017, the S&P 1500 Index has gained 332.1%, meaning $1.00 invested in the index and held over that period would have grown to $4.32. What an opportunity for wealth accumulation! Yet, at ICON we suspect many investors, from pension plans to individuals, did not fully participate. We have been guided by our ICON valuation methodology which consistently indicated stocks, on average, were never over-priced typical of market peaks. In our commentaries to investors and interviews, we regularly stated that we were in a multi-year bull market and that stock prices could go higher. Let’s borrow from David Letterman and poke a little fun at those who missed out!

Here now are the Top 15 Reasons Why Investors Missed the Bull Market of the Last Eight Years:

  1. Didn’t like the bailouts
  2. Have been stuck in the 1970’s and thought inflation would come back and interest rates would rise
  3. Saw a head and shoulders top forming a few times
  4. Thought P/E ratios were too high
  5. Don’t understand the Federal Reserve and thought the Government was “printing money”
  6. Changed risk tolerance after 2008
  7. Was told “we are in a 17-year secular bear market”
  8. Bought gold instead of equities
  9. Really like earning 0% on CDs
  10. Have been trying to reduce volatility instead of trying to make money – looking for an “alternative” to 332.1%
  11. Had predicted rising interest rates, and when that was proven wrong , believed low interest rates were fabricated and problematic
  12. Thought Government deficits would cause a calamity
  13. Thought bull markets have a shelf life, like four years
  14. Forgot “buy & hold” can succeed.

    And the Number 1 reason investors didn’t fully participate in the recent Bull Market:

  15. Just not good at recognizing Bull Markets

For more value insights subscribe here ICON’s Sales Desk.

More posts by Craig Callahan

Opinions and forecasts regarding industries, companies and/or themes and portfolio composition and holdings are all subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security, industry or sector.

Investing in securities involves risks. There is no assurance that the investment process will consistently lead to successful results.

The unmanaged Standard & Poor’s Composite 1500 (S&P 1500) Index is a broad-based capitalization-weighted index comprising 1,500 stocks of Large-cap, Mid-cap, and Small-cap U.S. companies.

Please visit ICON online at InvestWithICON.com or call 1-800-828-4881 for the most recent copy of ICON’s Form ADV, Part 2.

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Investing in securities involves inherent risks, including the risk that you can lose the value of your investment. There is no assurance that the investment process will consistently lead to successful results.

Consider the investment objectives, risks, charges, expenses, and share classes of each ICON Fund carefully before investing. The prospectus contains this and other information about the Funds; please read the prospectus carefully before investing. RFS Partners, Distributor.

ICON Funds are offered only to U.S. citizens or residents of the U.S., and the information on this website is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any ICON Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

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