Equity Allocation Tumbles To 5 Month Low As Everyone Plows Into Tech And Stocks Soar: June Fund Manager Survey

We have frequently said that the BofA Fund Manager Survey (FMS) is the most incongruous combination of zero signal and ample, schizophrenic noise, a "survey" in which the respondents answer not what they are actually doing, but what they would like to be doing, or failing that, what they think is the right answer even if two consecutive replies may be diametrically opposing and make zero sense taken together (alternatively, it feels like every respondent is a pathological liar and nobody actually tells the truth about what they are doing either out of paranoia or, well, because they are pathological liar).

Take the second-to-last, May FMS, which we said then was a clear example of this epic cognitive dissonance: on one hand, the already apocalyptic mood among global fund managers soured further in May...