Active Investment Managers Declare Record "Lack Of Confidence" In Their Outlook

Tyler Durden's picture

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Cognitive Dissonance's picture

Can someone please tell me if I'm the stupid money or the smart money if I'm currently 50% invested?


Oso's picture

Bigger story today is the violent F-ing move in the yield curve.  why risk assets arent selling off is beyond me

Cursive's picture

I've got a theory that the MM's and bigger players haven't had enough time to offload their shares to the retail investors.  They are trying to hold it, but events outside of their control may ultimately force their hand.  One of the big players needs to panic and start selling.  What will spark that one player to start selling?  I don't even think they know.

SDRII's picture

Steeper curve is better for the banks can let the flattener happen

deadhead's picture

one of my favorite wall st adages....once the selling starts, he who panics first, wins.

Anonymous's picture

Bernanke talking up the dollar is only a temporary reprieve for dollar bulls.

Anonymous's picture

Agree, it is only a talk. It is about time.

ShankyS's picture

This document was obviously not issued by the US Government.

BobPaulson's picture

This is a market where you go broke if you're in or out and the only winners are the gamers who go in 100% then pull out right when their frontrunning software tells them to. 

I find it incredibly frustrating there is no way to do well going long on anything. I guess that's the sentiment that leads to capitulation and the last "all in bear" who gets shafted the most for joining the insane Bacchanalia last.

I am going to stick with my 10% bullion, 30%PM stock and 60% cash knowing some jackass I know will triple his money for taking the big win at the roulette table claiming he's a genius.

OK, so I'm bitter.

Anonymous's picture

The rumors about a potential bank holiday have been out there for a while; however, in recent days the rumblings seem to be getting louder that this will occur in early November. Is anyone hearing the same?

Anonymous's picture

I just wish we'd get back to real trading and having a market. don't know about you guys, but there is NO volume on you don't want to go long, and you can't short because they are just jacking the indices higher.....

i want a real market again. this is like watching paint dry, plus, how the hell is a guy supposed to make a living?

NRGTDR's picture

sadly you go work for the government....the only employer that can print the money for your check

Anonymous's picture

What a coincidence, I also have a record lack of confidence in investment managers....

TumblingDice's picture

Interesting. The big difference that has to be considered though is the increased percentage that SLP and HFT in general take up of all stock transactions.

bugs_'s picture

Banco Festiva in November?   I was planning for it

before October opex.  I know they'd rather put it off

till after xmas but we all know that time has run out.

pooplagrande's picture

I think the tastiest part of this chart is the confidence reading being as high as the sentiment reading (2007)...that is when people are most complacent...just blind bulls thinking that nothing could go wrong.

Seems like the comments on this thread are about the same as the managers ("Who the F knows what is going on"?).

Why do I have this feeling that this thing is just going to keep inching upwards regardless of what happens? Don't all of us ZH'ers all think that the underpinnings are rotten, there is manipulation by computer programs, con games with the government, data and banks? Doesn't the market continue to blow all that up daily with a big middle finger in our faces?

Guess I am bitter as well, because I sold out of this rally early...I'm mainly in cash and have been adding to shorts on the S&P for a month and have recently gone long the dollar. Maybe my reality is 97% different than the rest of the world...and/or I am just 3% idiot? Maybe since I am typing this into a comment box, I am starting to second-guess myself? Maybe that is my own indicator? I'm blowing my mind man... ;)


Anonymous's picture

Imagine how bitter you'd be if you didn't participate at all like I did....Now my quandry is can the market remain irational longer then I can remain short.

Anonymous's picture

An investment opportunity. This should be good for a laugh.

pooplagrande's picture

I think this is a new Madoff/Stanford organization...they manage it from their cells. WTF?

Anonymous's picture