While the S&P 500 has more than tripled since its lows in March 2009, investor sentiment shows little sign of mania.
“The US bull market is more than six years old, but investors haven’t yet embraced it,” Bernstein writes. “Recent mutual fund flow data continue to show that investors are habitually selling US equity funds, but buying non-US equity funds.”
In the stock market, it often pays to do the opposite of what everyone else is doing.
“Be fearful when others are greedy, and be greedy when others are fearful,” Warren Buffett says.
“Anyone with the smallest contrarian streak must be fascinated by these trends,” Bernstein added.
Richard Bernstein Advisors
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