“During the current five-year surge in stocks, confidence that a crash isn’t likely has remained below 40% among individual investors. During the comparable span of 2004 to early 2007, confidence was never as low as 40%, and peaked near 50%. ‘Twice bitten, thrice shy’ seems to be the prevailing attitude, after the market was cut in half twice in eight years’ time. This persistent mood of suspicion probably creates its own check against too much giddiness infusing the markets too quickly. But it doesn’t provide much protection against a whole new, unexpected financial bug coming to bite us from a place we haven’t thought to look.”
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