Check this Sentiment Chart

Bernie Schaeffer’s – Schaeffer’s Investment Research – “Despondent Survey” is at an interesting level:

Click to enlarge


From talking to clients and reading comments on Seeking Alpha, most are still bearish on “expected forward returns” for the SP 500, and to me that’s a plus.

Here is the entire Schaeffer’s link to the full article for interested readers.

This blog has written about the “2008 effect” here and here. 

This could be wrong and take all forecasts with substantial skepticism and a grain of salt, but the sentiment data like the chart and historical forward returns listed above, lead me to conclude the secular bull market remains intact.

Thanks for reading.





One Response to “Check this Sentiment Chart”

  1. RB

    Helene Meisler cited this study also. She had an alternative perspective.

    It’s hard to say what the year ahead outlook is but my own study replicated 10-year forward nominal returns forecast with a central estimate of 4-6% p.a. as in Vanguard’s 2019 outlook.


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