In just over two years, the broad U.S. stock market, as measured by the S&P 500 Index, has reached a new, all-time high. Much focus, however, has been on the performance of a handful of tech-oriented stocks dubbed the “Magnificent 7”. Ever creative, the financial industry even offers an exchanged-traded fund focused solely on these stocks. Investors generally benefit from markets reaching new highs, particularly if they have exercised discipline to stay invested through lows and highs. No matter how magnificent the recent performance, jumping from one theme to the next can be costly if timing is off. A review of recent market cycles may be informative for investment strategy ahead.