Many equity investors are often seen as naive optimists or gamblers in the stock market and a class of investor that is easily panicked when bad financial or political news makes headlines. The days of the dot.com bonanza, when the average investor was content to accept higher risk to obtain a compound return of 20 % p.a., has now been replaced with extreme caution, acceptance of next to zero interest concurrent with negative real returns from bank deposits - the perception being to protect capital. This is typical behavior of these investors during volatile markets driven by that herd instinct mentality seeking the safest place to keep their hard earned money.