Just Because the Stock Market Rallies to New Highs Doesn't Mean They are Due for a Selloff

Just because stocks are trading near all time highs doesn't mean they are due for a sell off, according to one expert. Barry Ritholtz, chief investment officer of Ritholtz Wealth Management, says historically new highs are bullish for the stock market, and while the market's valuation is slightly elevated, it could stay that way for years. Ritholtz takes a long term view of the markets, with a ten to twenty year horizon, and is not a fan of investing for the short term 'There are a lot of things that are going to affect the economy, going to affect politics, and going to affect corporate profits, and trying to guess twelve months out is a fool's errand. Investors should hope for the best and prepare for the worst, and not try to guess what's 'unguessable.' Ritholtz also weighed in on the upcoming election. 'The mixing of politics and investing never is a good idea. Investors should go into the voting booth, vote their conscious, but keep the politics out of their portfolios.' Ritholtz spoke with TheStreet's Rhonda Schaffler offshore from Grand Lake Stream, Maine at an annual retreat of money managers and economists.