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?”
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.