While survey strategists noted that increasing cash positions may be a contrarian buy indicator, Morganlander said he doesn’t think it’s time to jump back into stocks just yet, given current valuations and declining profit margins for S&P 500 companies.
“There’s going to be that inflection point when you start leaning into risk,” he said. But “for the most part, we’ve been asking investors in our own portfolios to move up the quality spectrum and actually have some cash on the sidelines if you do start to see a fracture in the credit markets.”
Source: It’s time to stash cash: Portfolio manager
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