Fundie survey: Stocks with room to run

Tuesday 21 March 2023

Michael Hartnett at BofA with his latest fundie survey. In short, another frustrating bear market rally on deck.

Bottom line: investor sentiment close to levels of pessimism seen at lows of past 20 years; positioning/policy panic says SPX3.8k floor holds, fade rally run to>4.1-4.2k.

FMS on Macro: net 51% expect weaker global growth; while 84% say inflation going lower, 88% think “stagflation” most likely macro regime next 12 months.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

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.