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$900 Billion Is The Most Pessimistic Ever
The outlook for global growth has never been worse.
That was one, among several, key takeaways from the May vintage of BofA's Global Fund Manager survey, which also showed cash levels rising to the highest since 9/11 and suggested investors abandoned tech shares and soured on equities in general.
The net percentage expecting a stronger global economy dropped to an all-time low at -72% (figure below).
288 participants representing some $900 billion in AUM responded to the Global FMS question
H-Man, if it walks like a duck, well you get the drift —- until something in the macro reverts to some semblance of the mean—- we have a big storm approaching land fall.