This is good advice in any market, but I do think we are dealing with a relatively new phenomenon that is moving the markets in ways that are very difficult to predict. I was on both the CFA and CFP track in college. Finally quit the CFA thing to focus on CFP, but, while I was still interning at a hedge fund I hinted to them that I might be leaving. They basically said "oh come on. Those CFP guys are just perma bulls relying on the market to always go higher so they can play lots of golf and bring in new clients. Do you really want that for your career?"  Well, the answer ended up being "yes, that sounds awesome!" ...but it's still annoying when market mechanics are gamed like this to the point where valuation, fundamental and macro analysis are essentially meaningless.