Heights can be dizzying.

But there’s no reason to fear buying stocks at records.

In a blog post, Meb Faber, co-founder and chief investment officer of Cambria Investment Management, found that buying stocks at all-time peaks — and otherwise being in government bonds — returned more than just holding stocks.

Buy at highs? Why not?

Faber did point out that he wasn’t suggesting buying at highs as a strategy, but merely pointing out that it’s no reason not to purchase equities.

Standard & Poor’s performed a similar analysis. Historically, the S&P 500 SPX, -0.21%   has tended to keep going up after reaching new highs, posting an average gain of 12.34% in the 12 months following a new record close.

The Dow Jones Industrial Average DJIA, -0.21%   on Thursday finished at a record for the seventh time in 2019. The S&P 500 notched its 18th record of the year, and the Nasdaq Composite COMP, -0.20%  reached the second-highest level in its history.