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The linkages, the secondary effects are what you always have to worry about, not the obvious first static impact.

The above still, from a now famous Wendy’s commercial of the 1980s, will date me. But the punch line is just too good.

According to the 2014 Investment Company Fact Book, last year there were over 7,700 mutual funds in the U.S. alone, with $15 trillion invested in them and almost 265 million shareholder accounts.

Where are they, indeed? If you haven’t read the book, do yourself a favor and get a hold of a copy. First published in 1940, it is informative, well written, and witty. And still very relevant.

When markets are “good” for a long time you should always at least give it some thought.