19 Quotes by David Bowers

The most striking thing from the survey is how bullish everybody is.

The upside is critically dependent on an aggressive Fed easing,

The lack of positive growth momentum has undermined risk appetite.

Investors have become a lot gloomier about the prospects for economic growth, corporate profits and margins -- certainly compared with two months ago,

Investors are more confident about Japan. There is a slight wariness about emerging-market equities.

Investors think that the Fed is almost done. That has been a powerful catalyst to get people to commit to equities early in the year.

Higher energy prices have taken their toll of hopes for top-line growth. 'Cost-cutting' as a driver of earnings is back on the radar screen.

Before we get too excited, it's worth remembering that eleven rate cuts totaling 475 basis points have failed to deliver any meaningful economic recovery; they have also failed to prevent a major deterioration in US credit quality.

The euphoria we saw at the beginning of the year about the world experiencing a synchronized cyclical recovery has disappeared. While it doesn't feel like a recession is around the corner, fund managers are clearly less confident that the recovery can be sustained.