By spring of 2018 the current expansion will be the second longest on record. And the only one that lasted longer bene ted from a longevity-induced productivity boom, compliments of the internet revolution.
So the consensus is that, by now, we must be way past the seventh inning stretch, and late-cycle investment philosophy should dominate asset allocation and sector/stock selection. But is this really the case? Should our investment decisions take into account how old the expansion is? Put differently, do expansions simply die of old age?