JEPI - Investing Is Neither Simply 'Science' Nor 'Math'

• Even if it is not long-lasting, market psychology, if prolonged in one direction, impacts market behavior if enough believe in it. One has to always look through market psychology and decide if it is supported by economic trends even as it can have an impact on these trends.
• It is sorting out which information is most important and, even in the face of building pessimism/optimism, making decisions which are more contrary to consensus to locate the better risk/returns.
• The past 3 years have seen an enormous amount of ebb and flow in market psychology. Through it all, key signals have remained very positive.

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