Bank of America survey

The reluctance of fund managers to take more risk mirrors what Morgan Stanley equity strategist Mike Wilson said this week that investors will need to be "more tactical and make choices with no regrets" over the year ahead. Cash levels among the fund managers were at 6.2 per cent, marginally lower than October's 6.3 per cent, and yet still far above the long-term average of 4.9 per cent. Stagflation ahead Among the reasons for the hesitancy of these investors is that a net 73 per cent of those who responded expect the global economy to weaken over the next 12…