We have frequently said that the BofA Fund Manager Survey (FMS) is the most incongruous combination of zero signal and ample, schizophrenic noise, a "survey" in which the respondents answer not what they are actually doing, but what they would like to be doing, or failing that, what they think is the right answer even if two consecutive replies may be diametrically opposing and make zero sense taken together.
Indeed, the latest FMS - which took place between July 6 and 13 and polled 262 participants with $652BN in AUM - is a clear example of this epic cognitive dissonance: on one hand, the survey found that sentiment remains if not quite as apocalyptic as it was two months ago, then certainly very bearish as a net 60% of investors expect weaker global growth...
