Sitting, Waiting

I don’t watch CNBC much, but was watching this AM over coffee at the house.  I keep hearing people state, “I’m waiting for a pullback”, “This market is overbought”…reminds me of a little Jack Johnson for the wknd (below).  It seems when everyone is talking about a pullback there is more room to the upside, and only when everyone is talking about buying is it time for a correction.  Just a Friday missive.

PS Everything I do is quant (or quant with control over the dials), but for some reason nearly investor I meet with ends our conversation with:

Investor:  “So, what do you think of the market here?”

Meb:  “Which market?”

Investor:  “Well, stocks.”

Meb: “US or foreign?”

Investor: “US”

Meb:  “Ok, well realize first of all stocks are only a small part of our portfolio.  Two, I am happy  to give you my opinion, but realize I have no ability to subjectively forecast, so it really doesn’t influence our approach.”

Investor:  “Ok, so what do you think?”

Meb: “Sigh”.  Insert JP Morgan quote.