What spirit animal are you?

Opinion

Markets surge and retreat on growing volatility driven by the collective feelings of hundreds of millions of investors.

These “animal spirits” — a term coined by economist John Maynard Keynes to describe how instinct and emotions drive economic activity — have leaned toward greed, exuberance more often than not with the U.S. and Canadian stocks markets recently reaching all-time highs.

Maybe investors are euphoric about the impact of artificial intelligence or perhaps many buy what U.S. President Donald Trump is selling: a so-called new “Golden age of America.”

Whatever the driver, these animal spirits give some investment professionals pause.

That includes outspoken Toronto portfolio manager and author John De Goey, who recently discussed the irrational exuberance of do-it-yo