See main article “Stocks: A Hard Sell.”
“Individual investors have many enemies: high frequency trading algorithms, dark pools, rogue hedge fund managers, fat-finger traders and Fed interventions, just to name a few. But none is as damaging as the individual investor himself.
Investors are worried about money-printing and yet shun the inflation hedge, which are stocks. Investors are worried that government intervention and hedge fund trading distort asset pricing and damage price discovery mechanism, yet they run away from U.S. stocks, one of the very few investment tools whose intrinsic value can be ascertained through fundamentals found in transparent financial reports.