Time to Make Contrarian Adjustments
Bank of America Merrill Lynch has released its latest Global Fund Manager Survey, and the respondents have clearly adopted a bunker mentality. Cash levels are now at 5.3%, which is third highest on record, with only March 2003 and December 2008 showing a greater cash hoard (keep in mind that recordkeeping does not predate 2002).
More interestingly, fully 73% of respondents expect the European Union to undertake quantitative easing, and 44% now expect Ben Bernanke's Federal Reserve to deliver QE3 over the next four months. This goes a long way in explaining the recent lack of bearishness in retail investor surveys....568 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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