%0 Journal Article %A Kenneth L. Fisher %A Meir Statman %T Bubble Expectations %D 2002 %R 10.3905/jwm.2002.320440 %J The Journal of Wealth Management %P 17-22 %V 5 %N 2 %X 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. %U https://jwm.pm-research.com/content/iijwealthmgmt/5/2/17.full.pdf