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Money

The Couch Potato Portfolio Makes Hedge Funds Look Silly

You might not own a hedge fund. But there’s still a lesson here. Most people invest in portfolios that are far more complex than the simple Couch Potato. But sophistication and profits don’t typically go hand-in-hand.

Are money managers too bullish?

This month's survey of fund managers (with a total of $526 billion in assets under management) by Bank of America shows that cash holdings are at their lowest level since April 2015 and allocations to stocks rose in November to 36% overweight. That's close to "extreme bullish," according to Ban of America strategists.

As the day wore on, markets began to see near-term economic damage from the coronavirus as out weighing mid-term hope from vaccines

At 1 p.m. today, November 18, the Standard & Poor's 500 was up 0.05% and the Dow Jones Industrial Average was ahead 0.06%. Supporting even these meagre gains was positive news from Pfizer that it had concluded trials of its coronavirus vaccine and would be submitting an application for an Emergency Use Authorization to the U.S. Food & Drug Administration within a few days. By the close of the day's session, however, news of a continuing rise tide of infections and announcements of more closings around the country had extinguished most of the earlier upward momentum.

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