Voici un sondage effectué par le CFA Institute qui a demandé à des investisseurs quelle était pour eux la plus grande leçon que le marché leur avait enseigné sur les 5 dernières années. Les réponses sont surprenantes, je vous laisse les découvrir. Asked about the most important investment lesson they’ve learned over the past five years, 59.5% of 999 survey respondents said it is that central banks and governments will continue to bail out troubled creditors. Even worse, slightly more than 9% of respondents believe that institutional creditors will be more prudent in their lending in the future. In the parlance of economics books, this situation sounds like a recipe for moral hazard. Just 3.6% of respondents agreed that financial regulations adopted since 2008 will prevent systemic failures in the future — a similar percentage to that of a broader CFA Institute poll taken in July 2010, immediately after the passage of the Dodd-Frank Act. In the July 2010 survey, only one response apart from the statement on bailouts was seen as credible — namely, that equity market structures are negatively affecting market trust (24%).