US equity investors are too bullish and bond investors too bearish

Market signals pose 'dilemma' for investors

An ex-boss once told me that people who buy shares are optimists who look on the bright side of life, while people who buy government bonds expect the worst.

That certainly seems to ring true today, especially in the USA. The S&P 500 index is back near record highs just below 3,000 points, implying that sales and earnings at the country's largest companies...