Bank of America survey: "American exceptionalism" cools down, nearly 90% of fund managers believe U.S. stock valuations are too high
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Bank of America’s global fund manager survey in February showed that 89% of respondents believe that U.S. stock market valuations are too high, the highest level since 2001. Although this percentage is high, an average of 81% of fund managers held the same view in the 2020s. The survey also revealed that 73% believe that going long on the U.S. exceptionalism trade is the most crowded trade, with cash levels dropping to the lowest in 15 years. 82% of respondents no longer expect a recession, 77% expect the Federal Reserve to cut interest rates, and 39% believe that a potential trade war is the biggest tail risk
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