America is worst place to invest – survey
Investors are losing their nerve in the stock market amid selling that has sent some industries down the most since 2008.
Global money managers raised cash holdings to a two-year high this month and say America is the worst place to invest, a Bank of America survey published last week shows.
After embracing stocks last year, individuals are showing signs of reverting to scepticism.
While hedge fund manager David Tepper says caution is appropriate, others consider the lack of exuberance a healthy sign that sets the stage for gains.
"Walls of worry are everywhere," said Robert Doll, who helps oversee $118bn (€86bn).
About one-fifth of Nasdaq-listed shares dropped more than 20pc this year. "People are concerned that something could be on the horizon," said Eric Schoenstein, of Jensen Quality Growth Fund, referring to a potential crash similar to that of 2007. "Investors are skittish."