Macro Minutes: Sentiment in Market Cycles






Key Points

  • Investor sentiment is cyclical, and its progression through the market cycle directly influences returns and leadership.
  • While Fisher Investments recognizes that investor sentiment can never be fully quantified, we attempt to quantify sentiment's progression through the market cycle using a quantitative and qualitative approach.
  • We believe investor sentiment is currently late cycle, in the optimistic phase, but not yet euphoric.