July 2021
Chart of the Month
We are Keeping Our Eye on Investor Sentiment
The above chart is a contrarian indicator that measures investor sentiment. As you can see, sentiment is near overbought levels but not yet signaling dangerous levels of euphoria like we experienced in 2018. Margin debt is at record highs and up 58% from 15 months ago, supporting the excess optimism currently in the markets. This is an indicator we will continue to monitor and supports our portfolios being underweight risk (beta) in certain asset classes.
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