Over the past year or so, I’ve been asking analysts in this industry about investor psychology. Specifically, I’ve been asking how investors are approaching the markets after the crisis. I had expected answers that noted investors being rightly worried and fearful; and maybe even a nod to the fact that it took 25 years to reach previous highs after the crash of 1929.

But for the most part, I was surprised at the bullish answers. Most were some version of the idea that investors should be looking to put money to work, especially in this great market. And things did seem to be zipping along for a good while, almost like the crisis was nothing more than another market dip. (Since the March 2009 low point, the S&P 500 has gained 86%). When I asked whether investors simply needed to ratchet down their expectations on returns, one analyst told me flat-out that that was a stupid premise.

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