$1.3 Trillion Is Now Least Bullish In A Year, Key Survey Shows

$1.3 Trillion Is Now Least Bullish In A Year, Key Survey Shows

Investors are the least bullish in a year. That was the headline takeaway from the October vintage of BofA's Global Fund Manager survey, out Tuesday. It's perhaps not surprising that respondents were inclined to a little "extra" pessimism. The survey period was October 8th to October 14th, so the S&P's first 5% drawdown in a blue moon was still fresh in the minds of the record 430 panelists (who together control $1.3 trillion in AUM) who participated. But September's mini-pullback isn't w
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4 thoughts on “$1.3 Trillion Is Now Least Bullish In A Year, Key Survey Shows

  1. With boatloads of cash rolling around trying to find a real return, it is pretty easy to look past the next 6, or so, months while supply chain, logistics, and employment mismatch issues get mostly resolved. This is now “old news”.
    Global money printing has resulted in a humongous pile of cash that is not only more forgiving but it has a lengthier time horizon. Get in before the rush.
    I am obviously not a “professional” money manager. But I like to keep it simple. Plus, time is on my side. If I am wrong, I can afford to wait until I am right.

    1. “…Plus, time is on my side. If I am wrong, I can afford to wait until I am right.” That’s what I have always loved about bonds — stopped clocks that are always right sometimes.

    2. The time horizon will be a little longer than 6 months to look out. Supply chain, logistics, and employment mismatches will persist, some more problematic than others, at least into 2023.

  2. 2 cents on the BAML FMS. I was at one time among the respondents to the survey, and read it diligently for a decade before that. My impression is that the FMS is a good indicator of consensus sentiment, and as such provided useful inputs for momentum (buy X so long as FMS evinces increasing positivity) or reversion (sell X when FMS positivity is very high). It was particularly useful for indications of sector weighting. I did not have the impression that the FMS was a particularly skillful forecasting tool.

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