Top takeaways from August Global Fund Manager Survey
Most bullish FMS since Feb’20; we do not think positioning is dangerously bullish; FMS cash levels down to 4.6% but in neutral range (<4% = greed, >5% = fear); BofA Bull & Bear Indicator up to 3.7, far from excess bullish.
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
