TY - JOUR T1 - Bubble Expectations JF - The Journal of Wealth Management SP - 17 LP - 22 DO - 10.3905/jwm.2002.320440 VL - 5 IS - 2 AU - Kenneth L. Fisher AU - Meir Statman Y1 - 2002/07/31 UR - https://pm-research.com/content/5/2/17.abstract N2 - Individual investors form their expectations as if a time of a bubble is a good time to invest. Almost half of the individual investors polled by Gallup in the late 1990s thought that the stock market was in a bubble, but almost three-quarters thought that it was a good time to invest. By September 2001, fewer investors thought that the stock market was in a bubble, and fewer thought that it was a good time to invest. The mean stock market return expected during the 12 months following September 2001 declined to 6.3%, less than half its late 1990s level, but investors were more optimistic about stock market returns over the long term and the returns of their own portfolios. ER -