Advisor Bearishness At Low Last Seen In 1987 A Few Months Before The Crash

Here are quotes and a chart from John Hussman's Weekly Market Comment this week:

"Last week, Investors Intelligence reported that the percentage of bearish advisors has dropped to a 27-year low of 13.3%, a level last seen in 1987 a few months prior to the market crash of that year."

"Long-term investors should also recognize that on the basis of historically reliable valuation measures, we estimate 10-year nominal total returns for the S&P 500 of only about 1.5% annually from current prices, so given a 2% dividend yield, we actually expect the index to be lower a decade from now than it is today (see Ockham's Razor and the Market Cycle for a review of these measures)."

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