Is it the best of times or the worst of times to be an investor? That might be exactly what you are asking if you read these two articles in the New York Times this weekend. For the positive view, see Neal Irwin’s 17 Reasons to let Economic Optimism Begin. For the pessimistic view, see Erin Griffith’s article about the wide-spread prevalence of investment manias. Both authors make very good points. Our feeling is that while economic growth may accelerate into the future, the relatively high current prices for stocks and bonds, as well as many more obscure assets, suggest a cautious approach.