Happiness Can be a Frame of Mind

Jun 2010

Sometimes we’re asked what we’ve learned from the last few years.  There are many things that we better appreciate, but two stand out in my mind:  (1) When consumer and investor emotions—both fear and greed—are strong enough, they are capable of moving the economy and stock prices in ways that traditional economic analysis wouldn’t antic­ipate or predict; and (2) whatever has happened recently dominates many people’s assessments of their investment results.