
INTRODUCTION
“Bull markets are born in pessimism, grow on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” -John Templeton
The contrast between market sentiment in 2021 and 2022 could not be more extreme. According to the AAII Investor Sentiment Survey, the spread between the percentage of “bullish” and “bearish” investors was +20 last year and was -38.9 this June. Extremes in market sentiment are typically viewed as a contrarian indicator. High readings signal a fully invested buyer base and low readings suggest cash on the sidelines that will turn into future demand. [Read more…] about Q2 2022 Investment Letter