ABSTRACT
The average investor wants a clear-cut, simple, easy answer to his question, “What do you think of the market?” To him, it must be at all times either a Bull Market or a Bear Market. If, in answer to his insistent demand, you reply with the question, “What particular stocks are you interested in?,” he will avoid that issue and say, Oh, I mean in
general
. And if you will examine the pages of any magazine or newspaper
carrying a great deal of financial advertising, you will find that many advisers and advisory services make a great point of giving unhedged opinions as to the future course of the market, and these opinions are most frequently couched in terms of what the market as a whole is going to do.
