For several decades I have organized a series of “Benchmark” lunches on Fridays in August for serious investors who spend their summer weekends in eastern Long Island. About 75 attended the three sessions, including leaders in hedge funds, private equity, real estate and venture capital. There were many billionaires and many others whose net worth hasn’t quite gotten there, but whose views are widely respected throughout the investment community. For the past two years the mood has been decidedly downbeat, but, looking back on it, I have to wonder how much the performance of the equity market during the weeks leading up to the lunches had something to do with how the participants viewed the outlook. If you recall, the slogan “Sell in May and go away” worked pretty well in 2010 and 2011. This year, however, the United States market hit its recent low on June 1 and stocks traded higher during July and August.