A record 78% of investors think the stock market is overvalued, Bank of America says
A record net 78% of investors said that the stock market is overvalued, according to Bank of America's June Fund Manager Survey, released Tuesday.
While Wall Street might be past"peak pessimism," June optimism remains"fragile, neurotic, nowhere near dangerously bullish," wrote BofA's Chief Investment Strategist Michael Hartnett and investment strategist Shirley Wu in the survey. A record number of investors think that the stock market is"overvalued," according to Bank of America's June Fund Manager survey.
While Wall Street might be past"peak pessimism," June optimism remains"fragile, neurotic, nowhere near dangerously bullish," wrote BofA's Chief Investment Strategist Michael Hartnett and investment strategist Shirley Wu in the survey. whipsawed The nature of stocks' surge from the coronavirus rout is in question — a majority 53% of fund managers surveyed say that the market rebound from March lows is a"bear market rally," while 37% believe it is a new bull market.
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