QVMS - Questions Without Answers Indicate Uncertainty - Weekly Blog # 712

• Investors gain confidence when they have a clear sense of direction, particularly regarding short-term market moves.
• This is increasingly true as markets move closer to the top of a major phase. Thus, extreme confidence, while generally reassuring, is a warning sign of a nearby top.
• While the US equity market has gained about 25% year-to-date, many investors now see international diversification as prudent, with political turmoil making US investing difficult for at least the next three years.

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