999 respondents answered the question, “Which has been the greatest investing lesson for you during the past five year?”
Nearly 60 per cent of respondents believe that “central banks and governments will continue to bail out troubled creditors.”
This is somewhat troubling. There’s an idea out there that big, systemically important financial institutions are more likely to take more risk if they believe they’ll be bailed out in the worst-case scenario. As such, this may have permanently changed the behaviour of the biggest players in the financial markets.
Here are the results from the CFA Institute’s survey of just under a thousand investors:
Photo: CFA Institute