July 3, 2014 Dear Investor: The Dow is at new highs near 17,000. It’s hard to imagine that the Dow was at 6,500 only five years ago. Lest anyone think this type of rally after collapse is atypical, it helps to recall that the Dow rallied from 41 to 194 (a virtual quintupling) from 1932 to 1937–the five year period that followed the Great Crash. History should give anyone pause as they consider what happens next. We’ve gone without a large...