April 30, 2025

Hey, Ross Givens here! Nearly half of consumers now expect stock prices to be lower a year from now—the highest level of pessimism since 2011. But I see this kind of extreme bearish sentiment as a bullish signal. Retail investors tend to get it wrong at major turning points, and this data tells me we may have already seen the bottom. In today’s Insight, I break down why this matters—and how I’m thinking about the path forward.