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News Story Source: https://www.zerohedge.com by Tyler Durden
The latest, "coronavirus" edition of BofA's Fund Manager Survey which polled 183 participants with $545bn AUM between April 1 and 7, found widespread fear and pessimism with most expecting a recession, a surge in cash (to levels not seen since Sept 11), expectations for a U not V-shaped recovery, and perhaps most paradoxically, bearishness at record levels… just as the S&P explodes higher with the S&P now up 16% since the start of the "cruelest month."
Courtesy of the survey organizer, BofA CIO Michael Hartnett, here are the Top 10 highlights from the latest survey:
BofA April FMS shows extreme investor pessimism…cash levels jump from 5.1% to 5.9% = highest level since 9/11 terrorist attacks; we say April = peak pessimism.
93% expect global recession in 2020; investors think global GDP cuts largely over, but global EPS cuts just beginning (rare dichotomy).
52% believe economic recovery from COVID-19 shock will be U-shaped, 22% say W-
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