Should I invest when the market is at a record high?

I’ve been hearing this sentiment a lot lately. “I don’t want to invest now when the market is at record highs”. Actually, I’ve heard that a lot before too. Do you know why I hear that so often? Because the market is very often at record highs. Let’s look at the last few years:‎

2013? Record high.‎
2014? Record high.‎
2015? Record high.‎
2016? Record high.‎
2017? Record high.‎
2018? Record high.‎
2019? Record high.‎
2020? Record high.‎

If you could go back in time and invest at the 2013 record high, would you? I hope so, because the market is up 139% since then.‎

To see how the market fares after record highs, I downloaded the historical S&P 500 stock market pricing going back to 1871. Since then we’ve had 298 months where a new record high was broken (About 17% of all months break the record). If you look at just those record high months, then see how the market performed in the following year it wa