But investors have been trained by the Federal Reserve to
“buy the dips.” Importantly, even as valuations stretch suggesting lower future returns, investors continue to expect above-average results. Such was the result of a recent Investopedia investor poll with readings expecting 5% or more and stocks and ETF’s over other asset classes.
In other words, it’s a
“risk-on” market, baby!
As Howard Marks noted in a recent
“Fear of missing out has taken over from the fear of losing money. If people are risk-tolerant and afraid of being out of the market,
they buy aggressively, in which case you can’t find any bargains. That’s where we are now. That’s what the Fed engineered by putting rates at zero.”
#Technically Speaking: Despite Correction, Investors Are Exuberant – Investment Watch
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Mar 31 - Robinhood trader made $45k trading now faces $800,000 tax bill
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Let s Add a New Beast to the Lore of Wall Street
Posted March 9, 2021
Wall Street is known for its animal lore: “Bulls make money, bears make money, and pigs get slaughtered” is the hoary old saying.
Recently, financial writer Jason Zweig suggested we add the bonasus.
I second this motion wholeheartedly. And to be honest, I had to look up the beast myself.
According to Pliny the Elder in his
Naturalis Historia:
There are reports of a wild animal in Paionia called the bonasus, which has the mane of a horse, but in all other respects resembles a bull; its horns are curved back in such a manner as to be of no use for fighting, and it is said that because of this it saves itself by running away, meanwhile emitting a trail of dung that sometimes covers a distance of as much as three furlongs, contact with which scorches pursuers like a sort of fire.
Retail Investors Are Long Confidence And Short Experience – Investment Watch
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