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.