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Big Investors Are Holding the Highest Amount of Cash Since Lehman's Collapse
Cash is king, according to the results of the latest Bank of America Merrill Lynch fund manager survey. The survey was conducted from July 2 to July 9 as worries over Greece, China, and an impending interest rate hike by the Federal Reserve seemed to weigh heavily on the minds of the 191 respondents (who hold a collective $510 billion in assets under management). Results show that cash levels jumped to 5.5 percent, the highest since December 2008, when the world was still in the midst of a major financial crisis sparked by the collapse of Lehman Brothers. Still, BofAML analysts, led by Chief Investment Strategist ... (full story)
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