Big Investors Are Bulls; Small Fry Aren't

摘要

Individual investors are increasingly bearish, and some institutional investors see that as a good omen. Smaller investors are as pessimistic as they've been in a year, according to a survey by the American Association of Individual Investors. Meanwhile, mutual funds, pensions, and endowments are spending more on stocks than at any time since the start of the bull rnmarket. The last time money managers and individuals were this far apart was at the beginning of 2009, just before the Standard & Poor's 500-stock index began a 63 percent rally, data compiled by Bloomberg show. "It's been the individual investor that's been a good contrarian indicator," says Mark Luschini, chief investment strategist at Philadelphia-based Janney Montgomery Scott.