Risk-Loving Fund Managers May Be Contrarian ‘Sell’ Signal

If a pullback in US stocks is imminent, don't say you weren't warned. In contrarian fashion. By fund managers. I meant to mention this earlier in the week, but I was on the road and it slipped through the cracks, which is actually fine because it's good Friday evening material. The December installment of BofA's Global Fund Manager survey showed cash levels falling from 4.3% to 3.9% of AUM. As the figure below shows, that's the lowest in 42 months. One of BofA's trading "rules" says cash le