Legendary investor, the late John Templeton, was fond of saying the best time to buy stocks was at the moment of “maximum pessimism” – when new “bull markets are born”. Certainly in modern market history there was seldom, if ever, a more verdant pasture of pessimism upon which a new baby bull market could graze! As illustrated by the NDR Crowd Sentiment Poll chart on the next page, we witnessed investor sentiment bounce off extreme negative levels during the last quarter right around the time of the recent market low on March 9th.

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