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So funds are all in markets and buying high?Al_Dente wrote:BofA surveyed their Global Fund Managers [177 pros managing just under half a trillion dollars were querried]
What will drive equity prices in the next 6 months?
1) YIELDS
2) DOLLAR
82% of fund managers - highest since 2013 - are certain rates are going higher.The number of investors expecting yield curve steepening surges by record amount…
85% of fund managers expect higher inflation in the future, the highest expectation in 12 years.
US election result seen as unambiguously positive for nominal GDP.
Consensus - roughly a mirror image of what it was just last Monday - is for soaring inflation, rising US Dollar and risk assets, yet another "great rotation" out of bonds and into stocks, and perhaps an economic revival.
[Contrarians take note of any consensus]
The money is no longer on the sidelines: cash levels slumped from 5.8% to 5.0% in Nov, the largest monthly drop since August 2009.
[BofA Merrill via zh]
Thanks for the chuckle, AD. That is awesome. LOL