The first quarter just seemed to zoom by this year, bringing continued optimism (or, animal spirits if you prefer) to the stock market and leaving even higher valuations in its wake. The Standard & Poor’s 500 Index returned an impressive 6.07% for the quarter, on the tail of the previous five consecutive quarters of positive performance.

“I don’t understand you,’ said Alice. ‘It’s dreadfully confusing!’
‘That’s the effect of living backwards,’ the Queen said kindly: ‘it always makes one a little giddy at first–‘
‘Living backwards!’ Alice repeated in great astonishment. ‘I never heard of such a thing!’
‘–but there’s one great advantage in it, that one’s memory works both ways.’
‘I’m sure mine only works one way,’ Alice remarked. ‘I can’t remember things before they happen.’
‘It’s a poor sort of memory that only works backwards,’ the Queen remarked.”
                                               Lewis Carroll, Through the Looking-Glass, and What Alice Found There
The seemingly nonsensical conversation between Alice and the White Queen in Lewis Carrol’s sequel to Alice in Wonderland, just might be the perfect description of