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FAANG Dethroned As ‘Most Crowded Trade’, While ‘Trade War’ Remains Top Tail Risk: BofAML
The latest edition of BofAML's closely-watched global fund manager survey is out and there are a ton of notable highlights.
These surveys are of course produced by the bank's Michael Hartnett, a name regular readers are familiar with. It was Hartnett, you’re reminded, who on January 26 told folks that his proprietary “Bull & Bear Indicator†had just flashed a sell signal. That, just days after the January edition of the global fund manager survey flagged “short vo
Hartnett has been right on with his calls all year. He before Wilson declared we are at peak global growth, peak global profits, peak global central bank induced liquidity, peak in equities and bonds, peak positioning in portfolios to risk assets, peak employment, etc.
One problem I see with those exhibits, for instance 26, is “What do you think is currently the most crowded trade?”. Is it a polite way to ask and avoid a straight question like “What’s your most crowded trade?” or they really mean what they think? Those fund managers could think something and then reality may be different.