The S&P 500 has recouped nearly all its losses since March, when fears about COVID-19 crushed the market, and is once again approaching its historic highs. That exuberance -- which might seem irrational amid a second wave of infections, a high unemployment rate, civil unrest, and a trade war with China -- might convince investors to take some profits.
It's wise to trim some positions to raise some cash ahead of the next market crash, but investors should still hold onto their long-term winners. I personally won't touch three of my winning positions -- Amazon (NASDAQ: AMZN), JD.com (NASDAQ: JD), and Johnson & Johnson (NYSE: JNJ), which together account for roughly 20% of my portfolio -- anytime soon.
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