I must catch up to the herd, for I am their leader ... "wait, wait, wait for meeeeeee ..."

Wow; those institutional money managers. From an almost universally optimistic bunch in May, to a bunch of global grumpy grouches in July, their turn around has been remarkable.

A recent Merill Lynch survey reported this:

"There has also been a hike in the numbers of money managers expecting the global economy to worsen. Of those questioned, 72% expected a deterioration in the economic backdrop over the next 12 months, compared with just 11% who thought it would improve. The net difference of around 60% compares with just 5% three months ago."

At least my crabiness preceded the May dive.

JW
The Confused Capitalist