Market Sentiment: “The Rising Fear of the Bubble” Columns

Despite the record highs on the stock markets here and there, skepticism prevails. Which isn’t a bad outcome.

Positive news seems to outweigh negative news at the moment, which is why the stock markets claim new record highs, according to Joachim Goldberg. At least in an international context, because the majority of medium-term investors here remain pessimistic. Institutional investors feared a bubble, believes the behavioral economist. Only a small part has bought, so the sentiment index of this investor group is -9 points. Not so for private investors, who are more confident with +13 points.

Goldberg sees the turn of the year as a turning point for the professionals, whose profit reference and thus purchase threshold is 13,720 points. Which does not matter for private investors. In view of the greater weight of the professionals, the starting position in 2021 remains favorable.

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