There have been just 50 occasions since 1973 when this ratio was greater than one standard deviation from that average, as it is now.

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Bullish sentiment is just slightly above one standard deviation from the historical average and bearish sentiment is within one standard deviation.

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Rather it is just one standard deviation away from its average, making the current reading atypical, but not an outlier.

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Table 3 below provides a summary of the annualized standard deviation and returns for each asset class, the weighted average risk and return and the total portfolio risk and return from January 1979 through December 2009.

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