Why are you selling?

We are now seeing the 2nd most negative bearish spread (bulls minus bears) over any 6 week block from the weekly respondents of the AAII survey since Sept/Oct 1990.

In late September 1990, the U.S. was a month or so into the First ‘Iraqi’ Gulf War.

I remember the drama and concern around that moment.

My college baseball teammates (in Washington State) were making plans to drive into Canada to avoid the military draft which they speculated would occur if the war persisted into 1991.

The current block of weekly survey respondents are now more bearish than during the Asian Currency Crisis of 1997, the LTCM collapse of 1998, the bursting of the Dot-Com bubble in 2000, the World Trade Centre attacks of late 2001, the 2008 Global Financial Crisis and the 2020 Coronavirus pandemic…..

yet, many investors (and money managers) are selling and throwing away their shares.

It’s probably the portfolio managers of many peoples pension (retirement) funds, because they need to keep their jobs and hug the same life raft as the others……..snip !

April 4, 2025

rob@karriasset.com.au