“Fund Managers Have Never Turned So Pessimistic”; “Investors Haven’t Been This Bearish in 30 Years”

Those are the headlines that Bank of America’s latest Global Fund Manager Survey generated today. In “normal” times, these reports tend to have a few interesting insights, but it’s usually smaller incremental changes that aren’t too surprising.

However, getting a snapshot of investor sentiment and positioning during periods of extreme volatility — like the one we’re living through right now — can offer more si