The Ups and Downs of Investing

Where do you think we are in the cycle?

H/t The Big Picture.

Cale Smith

About Cale Smith

Portfolio Manager at Islamorada Investment Management.
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2 Responses to The Ups and Downs of Investing

  1. Jeff says:

    Fantastic Chart! Thanks for sharing it.
    We’re now somewhere around Hope and Relief. The bottom was the Mar2009 market low; now we’re into economic recovery (albeit a slow one).
    Cale: How about your opinions on this chart?:
    (1) where do you think we are on the curve?
    (2) is it possible to move backwards on the curve?
    (3) is it possible to bypass steps (e.g. from Thrill to Fear?)

    • Cale Cale says:

      I’d say we’re somewhere between capitulation and depression. And getting stuck in one particular spot is probably more likely than going backwards – but yes, at the same time, probably can skip through other stages pretty quickly. And I’d be in favor of that…too much negativity out there. “Depression porn” someone called it. Probably about right.