Bank of America surveyed 212 mutual fund, hedge fund and pension fund managers with $598 billion under management during the week ending June 11.
53% say the comeback from the March lows is a "bear market rally." Just 37% believe it's a new bull market.
Only 18% on investors expect a V-shaped economic recovery from the coronavirus. Most expect a U- or W-shaped recovery. Investors took cash levels down from 5.7% to 4.7% since last month, the biggest "dash from cash" since 2009. The top "tail risk" investors fear is a second wave of the coronavirus with 49% of those surveyed citing that as a top concern, followed by permanent unemployment and a Democratic sweep in the election.While valuation is never a good market timing tool, the survey's readings should be concerning considering its history and the large amount of money its respondents control.
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