The S&P 500 just closed at another all-time high.
And just like clockwork, the headlines follow. So do the bold predictions. And for many investors? So does the hesitation.
Because let’s face it—investing when the market is at a record level can feel counterintuitive. After all, no one wants to be the one who “bought at the top.”
But here’s the truth: All-time highs aren’t rare. They’re normal.
Since 1950, the S&P 500 has hit more than 1,250 new highs. That averages out to over 16 new highs per year.¹ In other words, they’re more like mile markers on a long-term investing journey—not stop signs.
So, what happens if you invest when the market is at a high? Let’s look at the numbers:
| Holding Period | After All-Time High | All Periods |
|---|---|---|
| 1-Year | 11.2% | 12.6% |
| 3-Year | 10.9% | 11.5% |
| 5-Year | 10.3% | 11.3% |
Not bad, right?²
While returns after market highs have been slightly below average, they’ve still been strong—and far from a reason to panic.
Here’s another stat that may surprise you:
Since 1950, the market has dropped more than 10% in the year following a new high only 9% of the time.³
And when you zoom out to a 10-year time frame? The S&P 500 has never ended that period more than 10% down after reaching a record high.
That’s a powerful reminder of the strength of long-term investing.
Waiting for a market dip to invest might feel safer—but it could also mean missing out on valuable growth while you're on the sidelines. It’s kind of like waiting for gas prices to drop before filling your tank during a road trip. Sure, you might save a few bucks… or you might stall your journey altogether.
So, what’s the right move?
We’re not suggesting you chase performance.
We’re not suggesting you try to time the market.
And we’re definitely not saying that past performance guarantees future results.
But we are saying this: Investing at all-time highs has historically been a reasonable and productive strategy. It’s not the red flag many investors fear.
If you’re unsure about how to proceed or whether it’s the right time to invest for you, let’s talk.
You don’t have to time the market.
You don’t have to go it alone.
And you certainly don’t have to let fear be the driving force behind your financial future.
Sources:
1.Shiller Data, 2025 [URL:https://shillerdata.com/]
2. Bloomberg, RBC GAM, 2024 [URL:https://www.rbcgam.com/en/ca/learn-plan/investment-basics/investing-at-all-time-highs/detail]
3.Shiller Data, 2025 [URL:https://shillerdata.com/]
Chart sources:
Bloomberg, RBC GAM, 2024 [URL: https://www.rbcgam.com/en/ca/learn-plan/investment-basics/investing-at-all-time-highs/detail]