Investors are really down on their leads for earning money right now.

According to the American Organization of Person Investors, belief among market participants hasn’t been this bad in years as concern is the leading motif in markets now.

And Tobias Levkovich at Citi has an intriguing concept in order to why: everything capitalists believed would happen this year has primarily gone the other way.

‘It is amazing to us to check out the performance information so far in 2016, specifically when one thinks about the assumptions from customers entering the year,’ Levkovich created in a recent note. ‘In these contexts, it is never stunning to understand the level of consternation concerning profile positioning.’

Levkovich highlighted the following graph comparing specific markets’ performance this year against capitalist predictions from a client survey in December.

‘The late December customer survey showed financiers relying on upside opportunity for the IT and Financials sectors with Energy bills being the most unloved area,’ Levkovich wrote.

‘Yet, Energy bills have been the stalwarts six weeks into the year while Financials have been hammered and also tech leaders have actually been attacked hard, underscoring the level of portfolio discomfort. Not surprisingly, belief readings are rather bad.’

Levkovich’s factor: it’s very easy to be bearish when you obtain points so wrong.