Nick French: Dealing with late-cycle risk

This is the possibly the most unloved bull market in history. Investors brave enough to buy into the S&P 500 index at its March 2009 lows have seen close to a fourfold increase in their money. And yet, at almost every point over the last eight years, investors have expected everything to come crashing down.   Paradoxically, as prices have hit all-time highs, confidence has pivoted and individuals and companies appear to be approaching that euphoric phase often seen late in investment cycles. In short, late-cycle risk is back. While all stockmarkets have risen in recent years, some hav...