It would also be interesting to conduct a similar survey on beliefs about relvant variables that drive/predict future investment returns. I wonder how many practitioners are actually aware that earnings estimates have no correlation with future returns, by extension forward earning multiples are also not correlated with future returns, and even trailing multiples have very weak correlations with subsequent returns for periods upto even 3 years. Its all well and fine blaming clients for the focus on short term returns, yesterdays winners etc but surely an industry that as a majority (62%) incorporates spurious variables into their decision making process is bound to come up with modest results, at best.