Wall Street traders (bless their dark souls) hold that there are two kinds of personalities – the stock type and the bond type. Stock guys are thought to be optimists while bond people have a gloomy reputation. There must be some truth to this because in ten years I have not met a bond manager with a sunny disposition.
Luckily, most of us are stock-people. We extol and defend our favorite stocks to the point of irrationality. In the meantime, it is forgotten that the bond market dominates the economy in a way that stocks never have and never will.