As Yogi said…It’s Déjà Vu All Over Again

(edited transcript) … Of course, it’s natural for investors to want to know, during these periods of volatility, when’s it going to end? Nobody really knows the answer to that question. But what I have been pointing out to people, you know, that those April 8th lows in sentiment, we got down to about a three on the CNN Fear and Greed Index, and everything felt bleak and lost, and there was no hope. Only to pop. And now we’ve slowly gone up. I don’t know that this is going to hold and whether we’ll retest the lows or not. That’s not the message to clients or to investors. But what I think is that the message is how quickly things can change. I think everybody got caught off guard by a quick rebound afterwards. Obviously, even some change in pace and path on policy. And it is those whipsaws that, again, clients have to keep in mind. We all can be prone to recency bias. Whatever happened yesterday is likely to happen again today. When it comes to markets, they not only move in unexpected fashion, but they often move far quicker, whether that’s going down or up, than clients may expect. And so again, that healthy check on one’s feelings and realizing feelings are real. They should be listened to. They aren’t necessarily something that should be acted on.

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As Yogi said…It’s Déjà Vu All Over Again

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