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The Tell: Stock-market investors haven’t been this bearish since the 2008 financial crisis, says Bank of America

The S&P 500 index stands less than 1% shy of a record but investors aren’t loving the climb, based on a recent fund manager survey from Bank of America Merrill Lynch.

The survey of 179 global managers overseeing some half trillion dollars in assets told BAML that pessimism has been driven by concerns over U.S.-led trade-war fears and anxieties of an impending recession here and elsewhere in the globe.

“[Fund manager survey] investors have not been this bearish since the Global Financial Crisis, with pessimism driven by trade war and recession concerns” wrote Michael Hartnett, chief investment strategist

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