Feb 21, 2023
US individual investors have become more bullish on the stock market: the number of bearish respondents to the AAII survey is at a new low since the start of the Ukrainian war. The CNN fear and greed index is also firmly again in greed territory. This positive sentiment can only be explained by fear of missing out ( FOMO ) at a moment where we believe inflation remains sticky, economic momentum is weakening ( see housing for example ) and valuations look stretched in the US market. We stay defensive and focus on companies with undervalued earning power.