Feb 12, 2023
Derek Moore is back with ZEGA Financial CEO Jay Pestrichelli to discuss how AFTER the market ran up in January people are bullish according to the new AAII Individual Investor survey. Plus, updated numbers on the difference in hypothetical returns if you missed ONLY the 2 best day each year over a 10 or 20-year period. Then, we continue to get economic data that is telling different stories so what to believe? Then they give some recommendations.
AAII Sentiment Poll Bulls minus Bears turns positive after 44 consecutive weeks bearish.
NAAIM Exposure Index (Active Manager Equity Exposure) most bullish since Jan 2022
Shocking difference in returns when taking out 2 best market days over 10 and 20 years
Worst 20 year rolling return was still positive
Atlanta Wage Growth tracker shows wage growth still strong
Difference between job switchers and job stayers still wide (make more switching)
Leisure and Hospitality wages still surging to new highs
Since WWII markets have taken off 7 months post inflation peaks on average
Inventories in durable goods and lumber (and other construction materials) move higher
Fed governors talk tough and market implied fed funds rate surges higher
People are spending down the post-Covid excess savings
Mentioned in this Episode:
Personal Savings https://fred.stlouisfed.org/series/PSAVE
Wage growth tracker https://www.atlantafed.org/chcs/wage-growth-tracker
Jay Pestrichelli’s book Buy and Hedge https://amzn.to/3jQYgMt
Derek’s new book on public speaking Effortless Public Speaking https://amzn.to/3hL1Mag
Derek Moore’s book Broken Pie Chart https://www.amazon.com/Broken-Pie-Chart-Investment-Portfolio/dp/1787435547/ref=sr_1_1?keywords=broken+pie+chart&qid=1558722226&s=books&sr=1-1-catcorr
Contact Derek derek.moore@zegafinancial.com