Macro Minutes: Sentiment in Market Cycles

In our latest Macro Minutes video, Capital Markets Research Analyst Raymond Chen discusses how investor sentiment evolves through the market and how we track it, as well as our views on where investor sentiment is today.

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.

*The foregoing information constitutes the views of Fisher Investments based on information believed to be reliable. There can be no assurances that Fisher Investments will continue to hold these views. These views may change at any time based on new information, analysis, or reconsideration.
About Fisher Investments

Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)