BofA with the monthly fundie survey. It appears everybody has now joined the MB outlook. Being consensus is never a comfortable place to be.
As well, I can’t help wondering if the great COVID stimulus has distorted views in survey. Fundies have been spoiled with free money and easy gains so now poor sentiment may be a reflection of the reversal of that rather than an indicator of a turn in the cycle or the depths of asset deflation that is possible. After all, a -20% bear market and recession possibility hardly warrants Lehman levels of depression. No to mention worse than the onset of COVID when markets were down double!
Then there is this schism between top-down sentiment and bottom-up earnings outlooks which haven’t broken down yet.
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