That is a remarkable chart. The S&P has had a positive price change 23 of the last 30 years, yet the average expectations of these "adults" has been that more than 60% expect a decline pretty much every year. How can they be so consistently misguided? I suppose the people who actually own stocks have a somewhat better collective wisdom. It throws an interesting tilt at the efficient market hypothesis, the origins of the wealth disparity, the short average holding period, the perception of the economy as it relates to consumer confidence, elections, and I'm sure many other factors.

The current optimism brings back the old adage that you should sell everything when you get a stock tip from a ... (shoe shine boy, taxi driver, whatever the group is currently being disparaged). I'm glad uncle Warren has been helping me accumulate a cash buffer.

Berkshire Hathaway FAQ

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