With your local friendly asset-gatherer constantly promoting the
cheapness of stocks of the
TINA (there is no alternative) to BTFATH, TV talking-heads jabbering over
'stock-pickers' markets (infuriating Cliff Asness),
and CEOs trotted out day after day to espouse how bright the future
looks (even if outlooks in the immediate future are
down-down-down-graded); it is hardly surprising that
sentiment among the sheeple is so extremely bullish. So, when we saw the chart below... we could only ask -
what do the insiders know that the average-joe-investor doesn't?
Of course, we are sure someone will try and explain away this
avalanche of insider-selling with "tax-related" factors or
"taking-profits" but none of that negates the less-than-optimistic tone
that it implies about what the short- or medium-term expectations are
from management of the firms that comprise the US equity market...
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