Yesterday I pointed to the dangerous level of giddiness presently displayed among the investment advisor crowd. Well, this morning the AAII's weekly individual investor sentiment survey results were posted, and, well, investors are not heading my advice (I subtitled yesterday's post "Never Party With Investment Advisors").
Individual investor bullishness presently sits at a level not seen since the 1st week of 2018. And, frankly, that's not comforting.
Calendar year 2018:
"Money, again, has often been a cause of the delusion of multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper."
By the way, The Madness of Crowds was published in 1841, Reminiscences in 1923. And while I've read dozens on top of dozens, on top of dozens, of works published between then and now over the past 36 years, I always come back to these as two of the most profound/impactful ever written.
You see, markets are merely the reflections of human nature, and as you'll discover if you read either or both of these books, at least when it comes to markets, human nature simply never changes...
Have a great day!