Conventional wisdom holds that past outcomes in financial markets are unreliable indicators of what comes next. Yet when trying to plan for an uncertain future, the past can provide useful guidance. The need for guidance increases when recent outcomes push the limits of past experience. Such is the current predicament for investing either in the stock market, with prices at record highs, or in the bond market, with yields near record lows. Even with reliability in question, past market experience can be looked to for some perspective.