In summary, evidence indicates that a high level of investor sentiment during a bull market may be a useful predictor of low future returns for speculative stocks. (cxoadvisory.com)
First I'll make the standard disclaimer that my industry has been calling for lower future returns for the better part of a decade now without much accuracy. (basonasset.com)
However, while not necessarily indicative of a market top, current levels have historically been associated with lower future returns. (blackrockblog.com)