YouSaid · the spoken record

Liz Ann Sonders

lines on the record: 91
first: 2024-03-22
most recent: 2024-03-22
sittings or episodes: 1
sources: podcast

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“I didn't listen to the whole thing. At your suggestion, I listened to the first five or ten minutes. And I still remember it like it was yesterday.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“The magic of compounding. The magic of compounding. And even if it means sacrificing a little of the pleasures when you're much younger and you're trying to divide a very small amount of money into fun versus savings versus work is starting early is just so powerful, even if it's just putting it in some version of savings.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say, and this is advice I would give to a college grad going really into just about any industry. But I think maybe finance a little bit more. Too many college grads than coming into finance, it's about, well, what did I learn in college? What courses did I take? To be fairly honest, it doesn't matter. You're not bringing something into the mix that the company doesn't already know. So the more broad advice I always give to people who are starting out and they're going through the interview process is there always seems to be this strong desire to come across as interesting, be interested, focus more on being interested than being interesting.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. So one of the best books I ever got about investing was given to be My Marty when I started in the business in 1986. And it's a little book. It's paperback. A lot of people have probably heard of it, but Reminiscences of a stock operator. Of course. It's just so fabulous. And I also like, and it's similar in its sort of size and structure with paperback. Where are the customers' yachts? So those are my two. And then winning on Wall Street. I got to plug Marty's book and that still resonates even today. Right now, at times I'm listening to a book and I'll listen to 15 minutes at a time and then not listen to it for months and months is by Nathaniel Philberg. And it's just the history of Nantucket where my place I spend parts of the summer and about the era from the 1600s into the 1700s when it was the whaling capital of the world. And so that's a, I'm going to share.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Lewis Ruka Kaiser, in terms of my entree into the world of television and learning what matters and what doesn't matter. And I got it, Chuck Schw”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. So it's not a documentary, but it's based on true stories, but with great actors playing parts and it's multi-episode. And so that's a good one that I'm into right now.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“For an ungodly amount of money, good for them. Good for them. Yeah, that's streaming, I guess the one that I'm in the midst of now is feud Capote versus the swans.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Very eclectic mix, but I like that it's often macro focused, and there's a number of other podcast sporadically that I'll listen to outside of the world of finance. I'm a big smartless fan.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“It's 10 million. But I am a fan. Grant Williams has a few podcasts and he always has really fascinating guests on. Very exciting.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“It was terrible. I'm a longtime fan. No, well, because I was a guest sort of in the beginning. Right. You weren't sort of”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, no. I've been a regular listener of masters in business in podcast form and listening to you on the radio. Even in the...”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I don't read a lot of books every once in a while. I'll listen to them, but I'm a big podcast listener aside from our own and yours. I've always been a fan of masculine. I always tell people.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Of stocks, or even maybe at the sector level investing based on characteristics and looking for quality companies with strong balance sheets and ample interest coverage and strong free cash flow and positive earnings trends and revisions and apply that analysis across the spectrum of sectors and even cap ranges.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“As we all learned in the 1990s, valuation can get stretched and sentiment can get stretched and that can last for years. What it does is set up maybe a risk factor to the extent there's a negative catalyst when you sort of have everyone on one side of the boat and you're priced for perfection. But again, that environment can last. But I would certainly put both of those in the risk column in terms of what could the potential negative catalyst be that could cause a contrarian move relative to optimistic sentiment. Well, we've already talked about a lot of them. It could be something outside in terms of inflation or the Fed policy reaction function geopolitics is ever present. Given that 2023 was a very low volatility year, you've got the likelihood of mean reversion and you throw the election into the mix as a potential volatility driver. I don't think that's a stretch. Otherwise, I think you stay up in quality within the equity portion of the portfolio. I think factor-based investing makes a lot more sense than monolithic groups.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, the discipline of rebalancing keeps you in gear in perpetuity without having to figure out, okay, is this the moment I want to lessen risk in my portfolio or take more risk in my portfolio? But I think the two key risks right now have more to do with called the internals of the market than anything out there that we're observing as risk. Obviously, you know, geopolitics and the election and black swan risks are always the potential. But I think sentiment and valuation. Now, the one important caveat around saying sentiment and valuation are a risk, in this case meaning sentiment's gotten pretty frothy, both attitudinal measures and behavioral measures and valuation is fairly stretched is the important caveat is neither even at extremes represents anything resembling market timing tool.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Nobody knows. Nobody knows. And again, like 1987's example, even if he nailed 1987 and said it's flat, the market's not going to do anything. No one's going to buy it. Oh, yes, it is. The market is going to do a lot. It's not going to end the year with much to show for it”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And then sometimes I pause for a fact. Like, well, that's the truth. I assume you're going to have follow up questions for me, and that's not what the listeners of the viewers want to hear. I don't know. But anyone answering that question, that's the honest answer.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“I try more often than not to answer questions, especially that are about sort of what's the market going to do with, I have no idea.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Or a million factors, right? I love that. And I, you know, I know it's the job of journalists if I'm doing an interview on the phone with a print reporter, if I'm going on a TV program, and especially if questions are concentrated around what the market is doing that particular day. Right. And the question is always some form of what drove the market today or what turned the market at midday as if the market is sort of this inanimate thing that just sits around waiting for one particular news headline. And on any given day, any given week, if you just change the sign on what the market was doing, I could come up with plenty of things to point to to say this is why the market boom today or this is why the market went down. It is kind of silly. And no one in life.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And then the question, which I don't know that I have an answer to, is what exactly has been propelling the stock market? Is it the prospect of easier monetary policy or is it that growth has more than hung in there? And that translates to better top line growth, better bottom line growth. Maybe a little bit of both, but it's hard to sort of isolate one or the other is the key driver.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“The roll through in inflation. And again, it's just another example of the unique nature of this cycle. So I think when I look forward, I think, okay, so if and when services has their day in the clouds and we start to see more than just some cracks that we've started to see, like an ISM services employment component going back into contraction territory, what you may get is you have a roll-through of recoveries in areas or at least stabilization that have already taken their hits. A lot of people view no landing as best case scenario. There's going to be a landing. You know, at some point the plane lands. But I do think a near-term no landing scenario might also mean a no-cutting scenario.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“When people say, well, the traditional or the typical, it's not. The NBER has been the official arbiters of recession since the mid-1970s, and two quarters in a row of negative GDP has never been the definition. The key line, perhaps, within that much more comprehensive definition that the NBER uses that helps to explain why six months of negative GDP ultimately wasn't declared a recession. Again, not because it was two quarters in a row, but the key part of the NBER's definition is spread across the economy. The weakness that led to the first half of 2022 having no real growth in the economy was concentrated. It was concentrated on the good side of the economy manufacturing. We had the offsetting strength in services. Service is a larger employer by far, helping to explain the resilience in the labor market. The services components of inflation are stickier by nature, including the shelter components, helping to”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“On a real basis. Nominal basis, it wasn't. It wasn't. But you had. And not that back to back negative GDP quarters is the definition of a recession. It's not. It never has been the definition of a recession.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Doesn't seem to be. So here's what happened. It's in the context of this whole notion of the roll-through. When we had the individual sectoral recessions in manufacturing”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Strategists out there more recently that are saying maybe they don't cut it all this year. I think the market definitely was way over its skis earlier in the year when it expected not just a March start but six rate cuts. There was just nothing in the data that the Fed is supposed to be monitoring on either side of their dual mandate that suggested such an aggressive pivot. And I would also say to a lot of investors I was saying at the time, be careful what you wish for. If you think after the most aggressive tightening cycle in 40 years that in short order, they're going to pivot to an aggressive rate cutting cycle. The background conditions supporting that are probably not what you would want to see, either as an economic participant or as a market participant.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“The January FOMC meeting, he started talking more about the 12 month rate of change. I think that that was a way to almost quantify the notion that they want to make sure that if and when inflation comes down to or near the target that there's sustainability to that, that it's not just a sort of a quick shot down and they fear the risk of it moving back up again. In terms of what's happened very recently is that not only did we have the hotter than expected January CPI report for both CPI and PCE, the three-month rate of change has turned back up, the six-month rate of change has turned back up. The 12-month hasn't yet, but based on how these things work, if three-month is moving up, six months is moving up, 12 month is probably going to start moving up. And that's part and parcel of why the shift has occurred from a March start to then it was a May start. Maybe it's not until June and you've really...”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So we think the disinflation trend is still largely intact, but it doesn't mean it is linear and we'll quickly get down to the Fed's 2% target. Obviously, there's a lot of components within inflation metrics, not to mention lots of ways of measuring inflation. And we can talk about the Fed's preferred measure of PCE. And then there's core PCE or core. Supercore, you know, X shelter, and there's the differentials in terms of how things like the shelter components are measured and calculated and what share they represent of metrics like CPI versus PCE. I'd say one of the more important things that has happened this year is number one, Powell and other members of the Fed have emphasized more the rates of change, the three-month rate of change, the six-month rate of change, and then specifically in the 60-minute interview that Powell did follow.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And you know, the other thing about the $6 trillion that's in money market funds is yes, that's an all-time record in level terms, but relative to total stock market capitalization, it's nowhere near a record. So you have to be careful, first of all, number one, I think it's a mistake to our point that we just made that this is not sort of short-term cash on the sidelines, that it's just itching to jump over onto the equity side of things. But even if you make that assumption, the firepower has to be put in the context of share of market capitalization. And there it's nowhere near a record high.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“On the sidelines, I think a lot of that money is actually probably fairly sticky. It's money that represents the cash needs or the liquidity side of asset allocation and isn't sitting there just waiting to go into riskier assets, be it public equity markets or a private. I think a lot of that is probably fairly sticky.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Whether it was to risk your segments of the fixed income market or into the publicly traded equity markets or to your point into the private markets via private equity or venture. And for many of investors, they weren't really comfortable with that kind of risk. And it's not just the risk, but for many investors, it's the transparency and liquidity that they had to give up. Now we have an environment wherein essentially hold to maturity risk-free treasuries and things like, you know, money market funds, a lot of money has gone back in that direction. On that note, and this is somewhat tangential, but I think it's important, too many people view the $6 trillion that's sitting in money markets as some, maybe not imminent, but some huge source of funding.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's not my area. So I'm going to answer the question by tying it back to something that is I spend more time thinking about to the point you made in the early part of asking that question was what was a shift in the zero interest rate environment by many investors that were looking for anything resembling a decent yield and it forced them just out the risk spectrum.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“A more interesting part of the conversation is some of the sort of distressed firms looking at this as an eventual opportunity to come in and acquire some of these properties at significant discounts. So with Carnage Comes opportunity.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“maturity schedules and what type of commercial real estate exposure on our podcast. One of the recent guests that we had on that I interviewed is actually a friend of mine, Al Rabel, who is the founder and CEO of Kane Anderson, a big, huge private equity private real estate company. And although they're specifically more involved in student housing and senior housing, he's an expert more broadly. And I asked him at the outset of the interview, I said, let me ask you an expert, and I'm not an expert, a question about how I've been terming it, how I've been describing it, and feel free to tell me you're dead wrong, Lizanne. I think this is not a Lehmanesque kind of problem. It's more of a slow-moving trade wreck or a simmering problem over time. Unfortunately for me, he said, yes, that's, I think, an apt descriptor. That doesn't mean the problems aren't still ahead of us, but it's over a more graduated period of time. And with some of the carnage will come opportunities. And that was maybe.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so commercial real estate tends to get thought of too monolithically. Commercial real estate is a very broad category, obviously, and it's inclusive of not just the world of offices, but multifamily residential and warehousing and retail and healthcare facilities, et cetera. So we can't paint commercial real estate with one broad brush. There are segments within Siri that are quite healthy versus say office and even within office, of course, big differentials in terms of urban versus suburban certain regions in the country are doing much better. There's the different parts of the country have larger percent that have gone back into that more typical office structure. And then, of course, the exposure to commercial real estate, which is yes, down into the smaller regional banks, many of the same banks that suffered the most from last year's mini banking crisis. But even there, there's a vast array in terms of”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but I think you're right. It was a military war, not a health war, which was the case this time, but it had some of those same characteristics in terms of supply demand imbalances and the drivers of inflation. Obviously, there are plenty of differences, not least being what happened on the other side of it with which massive amount of military personnel coming back into the private sector and into the civilian workforce and the rebuilding of the global infrastructure. That is one era that I have used often as a reference point with that differential being military war versus health war.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a very, very different backdrop relative to the 1970s. I guess the only comparison that we're witnessing right now is the desire on the part of the Fed and maybe Powell in particular to not repeat the mistakes of the 1970s in terms of monetary policy, premature hanging of the victory banner, easing policy only to see inflation sort of rear its head again. So I think that is maybe one similarity in terms of what the playbook is for the Fed, but I totally agree with you that the nature of what was driving inflation, the backdrop in terms of geopolitics and demographics and labor versus capital is not a mirror of what we're experiencing right now, but I think the Fed took some lessons from the mistake back in that era.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And we've been using the rolling recessions terminology because that's actually what has happened in the early part of the pandemic during the stimulus-fueled piece of that cycle that all of that stimulus was essentially funneled into the good side of the economy because we had no access to services. That was the breeding ground of the inflation problem with which we're still dealing.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it starts to years that have a lot of momentum do tend to carry through, but with any data point like that, if you're looking at aggregate debt or averages, there are always exceptions to those rules. And as we already talked about, there's been a lot more churn under the surface than what you pick up if you're only looking at the index level. But to say that this has been a unique cycle, both on the market side of things and the economy side of things is the ultimate understatement. And I think that to be an analyst of the market and one of the nice things for me as strategist at Schwab is that I get to wear the two hats of both market strategists but also economist. We don't have a separate chief economist and I like that because I get to marry the views. I'm not beholden to somebody else's view on the economy. And on that front, the nature of this economic cycle helps to explain why we've had so many funky things happen in terms of the market cycle.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Not at all. And we are by far the largest in terms of not just custodying assets for the RAA community, but representing that partnership in everything from research and trading and succession planning. It's an important part of our business for sure.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Count me in and the rest is sort of history, but they gave me a lot of free reign to sort of create this role. But with my full knowledge based on what I know was their mission around the organization of this is through individual client size. And that's the reason why we don't try to do things like market timing or year-end price target. It's about long-term planning and strategic asset allocation and just understanding how markets work and how behavior comes into the mix. So it's just been a great platform for me and I love it. I hope I'm there for a lot.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Trust executives, and they sat down with me and said, We want to create this role of chief investment strategist, any interest. I'm making a longer conversation very short. I said, yep.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And I know him personally as well as professionally and his vision of what Schwab should be and has turned into is really, I think, separates us from maybe the typical Wall Street firm because our sort of marketing tagline of sorts of through client's eyes is actually legitimate. And I think the perspective of the individual investor, what they maybe not want, but what we know they probably need, it's just very different than the institutional world. And I think approaching investing through the eyes of individual investors is just a different ballgame. And there was nobody that preceded me in this role. So when Schwab acquired U.S. Trust in 2000, it was only 10 months after I had joined U.S. Trust. Chuck and our CEO at the time, Dave Podrick, came to New York to meet all the U.S.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“A lot of it has to do with the culture, and I give a tremendous amount of credit to the man behind the firm. Charlie? Chuck Schwab, and who is still with us, and he's still a pretty active chairman.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And just the ZERP era, 0% interest rate, that was the support for zombie companies and companies that really had no business existing. It has brought about more price discovery. It is represented a reconnection of fundamentals to prices. Not every day, not every week. You still get these cap-driven concentration problems in the market like last year, but that's starting to ease a bit. And if you're only looking at the index level and you see certain ugly days, I think the real story, which is arguably a more optimistic story, can often be found under the surface, not on the surface.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Playing on a level playing field with passive. I think that's improving. And you're right, there is price discovery again. A lot of that has to do with the return of the risk-free rate and an environment in the ZERP era where competition.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that that's supportive of active. And that is not me saying, sell all your passive vehicles and back up the truck and load up on active. We have always for years thought there's a home for both active and passive satellite in portfolios. The point is more that active in general and broadly has just not been.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“It means there's other slows. There's other stuff going on. It's not just fun flows into indexes. Now, passive did just surpass active in terms of the amount of money in passive ETFs and funds versus active. That just happened at the end of 2023. But dispersion is up and correlations are way down.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“Big, that's bear market level decline. So there's a lot more churn going on under the surface. And I think especially in this environment, you want to understand what's going on under the surface, not just make assumptions about the market at the index level because of what has been that bias in terms of performance to just a relatively small handful of names.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“She was the Nasdaq as an example of this. And as you and I are doing this first week in March, we're not very far into the year, but the average member, Nasdaq member, maximum drawdown from year to date highs is negative 22%.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source
“So I guess the quote originally is attributed to Michael Kane, who talked about a duck being very calm on the surface but paddling like the Dickens underneath. And to put some numbers behind what I mean in this context, that both the S&P and the Nasdaq are still trading around all-time highs, with in the case of the S&P, no more than a 2% drawdown from a year-to-date high, maximum drawdown. It's a little bit worse as three percent for the Nasdaq. But that's at the index level.”
2024-03-22 · Masters in Business · Liz Ann Sonders on Behavioral and Sentiment Measures in Markets · IDENTIFIED FROM THE TRANSCRIPT · source