Are investors getting tipsy?

beer goggles bull

For the past five years, Wall Street has gotten drunk off the Federal Reserve's easy-money punch bowl.

Some stocks and bonds that normally would look unattractive suddenly looked pretty good. Call it the beer goggles effect.

But now that the Fed is removing the punch bowl by ending quantitative easing and signaling higher interest rates, investors are being forced to take a more critical look at their portfolios.

That reassessment could lead to increased turbulence in the months ahead, as it did during several points in 2014.

First published December 31, 2014: 4:47 PM ET

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