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Opinion
John Authers

The Bulls Go Out to Pasture, and Netflix Gets Trampled

Self-identifying as bullish hasn’t looked this bad since 1992. More than Covid or Ukraine, the underlying problems are overvaluations and memories of the last big crisis.

Where have all the bulls gone?

Where have all the bulls gone?

Photographer: Spencer Platt/Getty

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How bullish are we feeling? If the American Association of Individual Investors’ weekly survey is anything to go by, not very. It has been carried out for decades and is much followed as a measure of sentiment. Retail investors are simply asked if they’re feeling bullish, bearish, or neither. And this week, fewer called themselves bullish than in any week since September 1992: