Everyone Is Apocalyptic... Also, Everyone Is Confident There Will Be A Soft Landing: Wall Street Schizophrenia Full Frontal

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.

Indeed, the latest FMS - which took place between May 5 and 11 and polled 161 participants with $666BN in AUM - is a clear example of this epic cognitive dissonance: on one hand, the already apocalyptic mood among global fund managers soured further in May...