Growth expectations fell when global fund managers spilled from US stocks and earn money like Warren Buffett

• Fund Manager Emotion Bofa analysts, led by the chief investment strategist Michael Hartnett, said that their darkening views on American stocks direct a “bull accident” in sensitivity, but show the speed and scale of the correction organs for the market.

The optimism of money managers decreased rapidly in the early days of Trump 2.0. Bank of America’s Monthly Global Fund Manager questionnaire Duygu, which emerged in March, has resulted in the biggest decline in the US stock allocation since the second worst fall in global growth expectations and Bofa began to conduct a survey in 1994.

The participants helped to increase the last correction of the stock market while parking their money between them – Warren Buffett’s record of 334 billion dollars of cash stakes.

However, in 1968, the most respected investor in America gave a famous advice to Berkshire Hathaway shareholders: “Be scared when others are greedy, and be greedy when others have fear.” Indeed, the Boba analysts, led by the chief investment strategist Michael Hartnett, said that their darkening views on American stocks direct a “bull accident” in sensitivity, but they showed the speed and scale of the correction organs for the market.

However, there is no doubt that 171 survey participants, who ruled approximately $ 425 billion assets, were repeatedly frightened by President Donald Trump’s re -tariff threats. In February, 2% of investors are waiting for a weak global economy in the next 12 months, which means that a small majority of the participants were pessimistic at that time. This number has reached 44%since then-the worst one-month dive in growth expectations outside the March 2020 or the beginning of the COVİD-19 pandem in the USA

Bofa said the fund manager feeling that the S&P 500 is highly related to the performance.

“It is a bad news for pessimism in the appearance of global growth.”

After Trump’s election win in November, he hopes that the new administration will give priority to tax cuts and the deregulation will cause a major rally for stocks. Instead, Trump is fixed not only as a bargaining chip, but also on the use of tariffs as a tool to address America’s trade deficit, which led to great uncertainty about the US trade policy.

In BAFA research, 55% of the fund managers, a stagnation caused by the trade war, was the biggest “tail risk” faced by the market with the increases of inflation by the federal reserve, and that Elon Musk’s concerns about the impact of the government’s efficiency department and that the biggest “queue risk known as government efficiency.

In the meantime, more than 70% of the participants said they expect a terrible “stagflation” or an increase in slowing growth and inflation. However, none of the fund managers participating in the survey currently foresees a real recession.

Investors get a reason to cheer

It is important to point out why investor sensation research can better explain why stocks are sold closer to the signal where the market goes. Within one month, the average cash position of the fund managers participating in the survey rose to 4.1%. This indicates the end of Bofa’s opposing “sales signal” or the end of a metropy that proposes a low purchase opportunity while selling other investors, and vice versa.

This signal was initially triggered in December when the cash allocation of the participants fell below the 4% threshold of Bofa. Since then, the Nasdaq Composite and S&P 500 dropped into the correction zone, dropping 10% or more before healed slightly.

Obviously, the managers decided to return from the US stocks, 23% of investors became weak, 17% of them are extremely overweight last month. The 40-point drop is the largest in the history of the survey, and 69% of the participants said that the theme of the “US exception” the theme of the “US exceptions” has reached the American Self-Equity-Zirve, which left behind the rest of the world. Meanwhile, the expectations of the Chinese economy have become norms.

Nevertheless, Bofa’s research showed that investors are still waiting for an “soft landing” or lower inflation without creating a stagnation, and that the Central Bank would reduce interest rates two to three times this year.

On Friday, S&P ended for the first time in a month for a green week. Investors received better news at the weekend. reports To argue that the mutual tariffs announced on April 2, when Trump ordered economic authorities to make special design for each US trade partner, will be relatively narrow. The market applauded the news with a 1.5% increase of S&P 500 in the afternoon on Monday.

This story initially took part in Fortune.com