The U.S. economy and stock market have trended higher over long sweeps of time. These long-term, rising trends have consisted of a series of shorter term cycles. The beginning, end and magnitude of each cycle are known with certainty only after the fact. Cycles do repeat but their exact characteristics have varied widely. These uncertainties are challenges to determining appropriate investment strategies. Nevertheless, familiarity with historical cycle patterns and current relative positions of cycles within trends can inform portfolio decisions. A review of economic and market cycles can provide perspective for investing yet ahead.