S&P Above 1500

The financial media is abuzz with S&P 500 closing above 1500 for the first time in five years. Here is how Wall Street Journal put it:

 The S&P 500 closed above 1500 for the first time in five years on Friday, capping its longest streak of daily gains since 2004, amid better-than-expected earnings from Procter & Gamble, PG +4.02%Halliburton HAL +5.05%and others.

The Standard & Poor's 500-stock index tacked on 8.14 points, or 0.5%, to 1502.96, its highest close since Dec. 10, 2007. The index rose for an eighth session in a row, the longest such streak since a nine-day run ended in November 2004.

Investing is a journey without a finish line. However, considering men's psyche and need to celebrate milestones, we have come to embrace round numbers of indices. Such habits are indeed harmless fun by itself less they distract us from the most important aspect of investing. The most profitable decision arrives via finding good company selling at a reasonable price, not obsessing over the short term direction of markets at essentially meaningless milestones. Whether stocks are at a high plateau or a low valley, I find nothing soothes my nocturnal somnolence better than knowing I have good companies purchased at a good price.