Salient to Investors:

Mark Hulbert writes:

  • Investor popularity of greed over fear indicates we are close to a stock market top. At the recent San Francisco Money Show, hundreds of seminars catered to greed, while only a handful catered to managing risk and loss.
  • At market tops greed completely replaces fear as investors’ primary concern. At market bottoms, fear dominates greed.
  • Martin Zweig maintained that newsletter advertisers are incredibly sensitive to which way the wind is blowing among individual investors. Zweig found that in the latter weeks of the 1973-74 bear market, there were zero bullish newsletter ads in Barron’s.
  • Late-stage bull markets can continue for some time despite irrational exuberance, viz the late 1990s.

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