Gustavo Ballvé on January 21st, 2010
Home, Portfolio Management, Risk management, Signal or Noise

The investment mood is definitely optimistic, one could say even giddy. In that regard, Merrill Lynch’s January 2010 fund manager survey is a nice indication: low cash balances, increasing exposure to equities, increasing appetite for risk. Some numbers are back to pre-crisis levels. As we point out in our Q4 2009 report (English version in the works), it’s hard to expect two consecutive years of out-sized returns – especially now that we’re starting from a much higher price level – and we’re prepared for a less ideal 2010 (to say the least).

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