April 4, 2025

Hey, Ross Givens here! Bearish sentiment just hit an extreme. According to the latest AAII survey, 62% of investors feel bearish—nearly triple the number of bulls. That kind of fear has only shown up twice before: March 2009 and October 1990. The last time it even came close was late September 2022… right before the bull market began. In today’s Insight, I break down what this means—and why extreme pessimism can often be a powerful contrarian signal.