Could the equity premium be zero or even negative? In other words, is it possible investors buying and holding stocks for the long run won't get that extra 3% to 5% over government bonds that several studies have found in historical data? Are they better off in fixed-income securities?

Legg Mason’s renowned market strategist, Michael J. Mauboussin, has published a new study, The Sociology of Markets. In this thought-provoking piece, Mauboussin says it’s important to know the sociology of financial markets – i.e. the main participants and their objectives, modus operandi, risk preferences, etc.