A report from JPMorgan shows that investing at all-time highs is not as scary as it might seem.

Figure 1: The all-time highs in the green area later became market bottoms. All-time highs are often a sign of a continued bull market trend rather than a reversal signal.

Figure 2: Comparison of long-term returns between investing at all-time highs and investing on a random day. Over the medium to long term (1 year or more), it can even outperform investing on a random day.

For long-term investors,
the biggest risk is not "buying at a new high,"
but "being in long-term cash due to fear of new highs."