The news is relatively benign. The ISM looks good. The market held up well today despite a horrible unemployment number. The economy could pick up steam as further stimulus makes its way through the system.
These are some of the thoughts going through the mind of most institutional and retail investors. See, if you invest with an institution, there is a portfolio manager managing your money. I used to be a portfolio manager at a large institution no longer in existence. No it wasn't Bear Stearns. I walked away from the rat race many years back.
The portfolio manager in his heart of hearts knows we are screwed. But it is heresy to have a divergent view in an organization. Particularly if you are a mutual fund manager, how can you not be bullish now?
I recently attended a Deutsche Bank institutional conference. Amazing how bullish the crowd was and the one hedge fund manager that was bearish was apologetically so.
These are the sentiments that tops are made from. There was 2% bullishness at the bottom in March. There was 92% bullishness recently. The majority of investors are wrong at the turns. Success in investing requires taking the road less travelled.
No comments:
Post a Comment