Do happy people predict future risk and return differently from unhappy people,
or do individuals rely only on economic facts? We survey investors on their
subjective sentiment-creating factors, return and risk expectations, and
investment plans. We find that noneconomic factors systematically affect return
and risk expectations, where the return effect is more profound. Investment
plans are also affected by noneconomic factors. Sports results and general
feelings significantly affect predictions. Sufferers from seasonal affective
disorder have lower return expectations in the autumn than in other seasons,
supporting the winter blues hypothesis.