Markets stocks

It’s A Bull Market And The Recession Is Over, Say Fund Managers

"It's a bull market" and this is "no longer a recession". That's the "September zeitgeist" as revealed by the latest edition of BofA's Global Fund Manager survey, out Tuesday. The net 58% of respondents who said we're currently in a bull market compares to just 25% in May, when the likes of Stan Druckenmiller were busy making declarations like this one: "The risk-reward for equity is maybe as bad as I’ve seen it in my career". To be sure, you could scarcely blame Druckenmiller, who was hardly alone among "brand name" investors in doubting the rally. His skepticism (and subsequent frustration) was echoed by a veritable who’s who of the financial pantheon. Paul Tudor Jones said he was eating “humble pie“, Warren Buffett was gun-shy after incurring a mind-boggling $50 billion paper loss during the first quarter, and Howard Marks had a difficult time discerning what the future might hold in an environment characterized by unprecedented coordination between fiscal and monetary policy. Now, here we are, six months on from the March panic, and investors are marking to market, as it were. "For the first time since February more investors (49%) say [the] global economy is
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