THE OLD BULL

This bull is experienced and has seen this movie before, and therefore is already taking steps to protect his or her portfolio against the next market decline.

Michael Farr, president of money management firm Farr, Miller & Washington, says he’s wary.

“1998 felt like this ( in the run- up to the 2000 stock bust),” Farr says. “We learned that just because prices were high, it didn’t mean they couldn’t go higher. We also learned that high fliers could quickly become fast fallers. You better own quality and solid balance sheets because fluffy, concept stocks tend to evaporate. Winners have a seat when the music stops. ‘ Old bulls’ curb their enthusiasm and live to graze another day.”

SHEALAH CRAIGHEAD PHOTOGRAPHY Michael Farr of Farr, Miller & Washington, LLC