Fund managers are feeling neurotic – that’s probably a good sign

The latest survey of global fund managers suggests they're feeling nervous about the current state of the markets. But that's not necessarily a bad thing, says John Stepek. Here's why.

Face reflected in a market screen © Spencer Platt/Getty Images
Fund managers aren't particularly happy right now © Getty
(Image credit: Face reflected in a market screen © Spencer Platt/Getty Images)

I don’t spend that much time keeping an eye on investor sentiment measures, as I find that they’re very hit and miss.

However, there is one such survey I like to keep an eye on. And that’s the monthly Bank of America survey of global fund managers.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.