David Letterman's famous top 10 lists have yet to tackle the reasons so many investors stayed out of the market this year, even when it began to improve after March 11.
The odds of such a list appealing to the general public are pretty low, conceded Cynthia Crossland, a spokeswoman for Meridian Investment Management Corp., Denver.
But Ms. Crossland said Craig Callahan, the firm's chief investment officer, actually gets a lot of laughs when he reads aloud his "Top 10 Reasons Why Investors Have Missed the Rally!"
10. "I got scared at the bottom and sold."
9. "I never received an invitation for the rally."
8. "2% CDs are really fun."
7. "I don't trust accountants and corporate executives."
6. "Maria Bartiromo (CNBC TV) hasn't said it's time to buy."
5. "Bill Gross (PIMCO bond manager) said the Dow Jones industrial average would go to 5500."
4. "P/Es are too high."
3. "I'm not an economist, but I am worried about unemployment, interest rates and the U.S. dollar."
2. "I just don't get how the market leads the economy."
And the No. 1 reason: "I got into the market in the '90s. I have never seen a major bottom or peak. I'm not as smart as I thought I was."