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What the Smart and Dumb Money is Doing Now
Herding is when many investors make the same choice based on observations of others, independent of their own knowledge. Markets do tend to have phases when one sentiment becomes dominant. These diversity breakdowns are consistent with booms (everyone acts bullish) and busts (everyone acts bearish).
To the best of my knowledge, there is no one barometer that accurately and consistently measures investor diversity. An objective assessment of public (media) and private opinion probably gives some good clues.
That’s what Michael Mauboussin, Legg Mason’s Chief Investment Strategist, wrote in his sure-to-be-investing-classic book, More Than You Know.
And it’s…
18Sep2009 | Q1 Publishing | 0 comments | Continued
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