The Citi #Panic/#Eurphora index (and the returns over the next 12-months point to a disappointing 2021.

The Citi #Panic/#Eurphora index (and the returns over the next 12-months point to a disappointing 2021. #Risk #Exuberance pic.twitter.com/E7Qzc0o9Kq

— Lance Roberts (@LanceRoberts) December 16, 2020

A record percentage of #fund #managers expect #earnings to improve.
A separate survey also found the same fund managers expect the sun to rise tomorrow. pic.twitter.com/Z5tVFXG6AU

— Lance Roberts (@LanceRoberts) December 16, 2020

What return should you expect over the next decade given current valuations? pic.twitter.com/Y1vMVky3ue

— Lance Roberts (@LanceRoberts) December 16, 2020

Will next year's earnings growth justify excessive #valuations.
The answer is YES.
However, ONLY IF, the price of the market doesn't rise further or falls.
Otherwise, the price rise will offset the benefit of increased earnings.#Math pic.twitter.com/98t3RtswE2

— Lance Roberts (@LanceRoberts) December 16, 2020