Contrarian Investor: Are investors getting complacent?

So much for the old adage that investors should 'sell in May and go away'. Markets seem to be in an almost euphoric mood, having survived a near brush with death over Brexit.

Obviously, we still have a few crucially important months ahead of us - September and October - in which a great many things could, and quite possibly will, go seriously wrong. Yet, on current form, we would need some really major moves to erase all these year-to-date gains, thus re-imposing the old 'sell in May' narrative. Just to remind ourselves, the old adage has some strong academic credibility. University of Miami associate professor Michael Fuerst for instance has worked with fellow professors Sandro Andrade and Vidhi Chhaochharia to study the investment strategy. 'Sell ever...