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Plenty for contrarian.........>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: Plenty for contrarian investors to chew on in BofA's May
7-14 Fund Manager Survey. A few highlights:
- Just 10% expect V-shaped recovery, and 25% see the current equity market run
as a new bull market (though arguably up 30+% in S&P, it's a moot point). 75%
expect U/W shaped recovery, and 68% think this is a bear market rally.
- Covid "second wave" is the biggest tail risk for the 2nd consecutive month.
- Positioning-wise: underweight cyclical vs defensive. As well as short emerging
markets for the first time since September 2019.
- Biggest spread in long US stocks (24% O/W) versus short Eurozone (17% U/W)
since June 2012.
- Bond allocation highest since July 2009, and cash balances at some of highest
levels in last 20 years.

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