Couple the Merrill Lynch investor survey with the Value Investor Index-2016 was a great buying opportunity as is today. The market rise from 2016 lows was more than 50% till the peak in 2018 when sentiment was this pessimistic. This does not forecast the next market price level, but it does indicate equities are likely to shift much higher the next couple of years. My guess is an SP500  level between $4,000-$5,000 is possible. Published: Mar 19, 2019 1:18 p.m. ET https://www.marketwatch.com/story/fund-managers-dump-stocks-buy-into-secular-stagnation-theory-bofa-merril-lynch-2019-03-19 Todd Sullivan is a Massachusetts-based value investor and a General Partner in Rand Strategic Partners.