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- We must be alert to what’s going on, “take the market’s temperature.”
- are investors optimistic or pessimistic?
- do the media talking heads say the markets should be piled into or avoided?
- are novel investment schemes readily accepted or dismissed out of hand?
- are securities offerings and fund openings being treated as opportunities to get rich or possible pitfalls?
- has the credit cycle rendered capital readily available or impossible to obtain? are price/earnings ratios high or low in the context of history?
- are yield spreads tight or generous?