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PM at large institutions over 20Y. Investments decisions = your responsibility. What isn’t forbidden by laws of physics is mandatory. Analyze distributionally.

Oct 18, 2022, 5 tweets

1) BofA Oct Global Fund Manager Survey released today.

Most charts are saying similar things and are at/near '08 extremes. But here's a sample.

Net fund managers % saying overweight cash and underweight equities beyond peak '08 levels.

$SPY $NDX $TLT $GLD #Commodities

2) Close to record levels of investors expect a weaker economy next 12M.

#Inflation expectations at Dec '08 level.

3) Lowest % on record saying taking higher than normal risk.

Lowest % saying global profits will improve.

4) Long $DXY is considered the most crowded trade. Yet record % believe $USD is overvalued.

5) Record low for FMS Financial Market Stability Risk Indicator.

Etc etc you get the idea.

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