A diary of the thought process behind my investment decisions
The Marginal Buyer
I keep asking myself who is left to buy? Fund manager surveys show that cash weightings are extremely low. Sentiment surveys show the lowest levels of bearishness among both investors large and small in many years. Option activity is as skewed towards call buying as I have ever seen it. The conclusion I come to is that there is nobody left to buy. But I thought that on Friday as well and here we are up another percent?