5 March 2013: The Dow finally beats its 2007 peak

The Dow closed at 14,253.77, a new record that topped its October 2007 high and erased its losses from the financial crisis. It had taken more than five years. Many investors who sold near the 2009 low were still sitting in cash, waiting for the coast to be clear. The coast was clear; they just had not noticed. The bull market rolled on for years.

The lesson: Recoveries do not send invitations; waiting for certainty usually means missing much of the gain.