Bloomberg’s John Authers on the ASR Asset Allocation Survey
5th JUL. 2022
ASR’s latest survey of international money managers shows that “TINA,” the idea that There Is No Alternative to stocks, is more or less at an end.
“Stocks usually outperform bonds over a given 12-month period; but now, only 53% of money managers believe that they will do so over the next year. That is the lowest figure since the survey started in 2015:
That’s hard to square with an enduring belief in stagflation, in which bonds can be expected to take a pummelling. The loss of enthusiasm for equities instead reflects a belief that bond yields have risen about as far as they need to. Also, the strangely symbiotic relationship between the two asset classes affects bullishness over stocks. Historically low bond yields have supported stocks for a while; now that bonds have taken a fall, the risk is that stocks will be next in line…”
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