I love it when a plan comes together.
— Colonel John “Hannibal” Smith
BofAML is out with their latest global fund manager survey (these are always fun because almost invariably, they suggest people are piling into the same trades they say are crowded) and guess what the most crowded trade is?
Here you go:
Now recall what we said about 12 hours ago. To wit:
Thanks the rampant proliferation of ETFs, you can simultaneously be an armchair vol. seller, an EM bond investor, a high yield pirate surfing the illiquid seas of junk, and the proud owner of South Korean equities at a time when the entire country could be reduced to a smoldering pile of ash overnight.
All from the comfort of your home laptop and all while gorging yourself on string cheese as the Sesame Street characters on CNBC narrate your transformation from Home Depot floor manager to homemade hedge fund hero.
It’s so easy: just ask John Brown…
— Golden State Warriors (@warriors) October 16, 2017
Again: “I love it when a plan comes together.”