Last week’s AAII Bull/Bear reading of just 15.8 was the LOWEST reading since 1992. Bears greatly outnumber Bulls. A lower reading than the darkest days of 2008-2009. Lower than when we got hit by COVID in March 2020. You can’t find a bull these days with a flashlight and a compass. Be bullish when others are bearish. Forward market returns from extreme weak sentiment readings have historically been well ABOVE average.
Bull markets are conceived in fear, born in despair, grow in skepticism, and die in euphoria. These readings are far from euphoric. Stay long, staying long.
Chief Investment Officer
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