IN the midst of a long-running bull market that is now reaching momentous proportions, most investors may well have forgotten that just two years ago, during the first five trading days of 2016, the market dropped 6 per cent. It was the worst five-day start to a year ever, and supposedly a harbinger of bad times.
We know where that ended. Spurred by Donald Trump's election that November, market indexes surged to record levels. The Standard & Poor's 500 index gained 19 per cent in 2017, the Dow Jones industrial average rose 25 per cent, and the technology-heavy Nasdaq composite leapt 28 per cent.
There was not a single day last year when the S&P 500 fluctuated more than 2 per cent, a level of low...
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