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Below is a photo I just took of the eggs my hens laid over the past couple of days. It metaphorically represents the kind of relationship I’ve got with the market right now. That is to say, most people gripe about the high price of eggs and the plunging stock market. Me? Just the opposite. I’ve got more eggs than I know what to do with (my dogs get a bunch!) and I’m loving the plunging market!
For obvious reasons (endless bailouts, endless stimulus, endless bounces) the public expects the stock market to go up forever. Recently, the percentage of the public that expect higher prices a year from now was at a higher level than ever witnessed (unlike in, let’s say, 2008, when stocks were practically free and almost no one expected a strong market).
Think this is what it looks like at the start of a great bull run? Even at the height of dot-com, households were more conservative.
