Pessimistic positioning on the scale we see today can often be a contrarian indicator. When bullish or bearish sentiment reaches an extreme level, sooner or later the market moves in the opposite direction. One may wonder, is it possible economists have underestimated the lagged effect of low interest rates, $5 trillion of pandemic stimulus spending, and a greater than 40% drop in oil prices from the recent peak are having on consumer consumption? Read more from our specialty manager Crescent Capital here: