A few days ago, in “This Is What BofAML’s Clients Are Most Concerned About,” I showed you what…well… what BofAML’s clients are most concerned about.
To no one’s surprise, the answer was unequivocally “populism” and on top of that, a bunch of the other worries that made the list were populism related. Have a look:
Well on Tuesday, we got the latest results from BofAML’s global fund manager survey and you’ll never guess what topped the “biggest tail risk” list.
That’s right: populism. Or some derivation thereof. To wit:
Note how “crash in global bond markets” places a distant third.
Once again: “Thanks populism.”