Half empty, half full.

Marketwatch has a story on a Merrill Lynch survey of fund managers. The one takeaway that I got from this - everyone’s confused.

Of those polled, 17% said emerging markets were the least undervalued equity market, while 24% thought of the asset class as the most overvalued. Shouldn’t “least undervalued” mean the same as “most overvalued”?

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However, 41% said they expect the economy in the region to get “a little weaker,” while 35% expect it to get “a little stronger.” The remaining 24% - remain in between?

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The managers also forecast that inflation in the region will rise, with a net 47% expecting higher inflation in the next 12 months. But that compares to 77% who held that view in May The “net 47%” has me confused - especially with the May comparison. Does it mean fewer people now expect inflation? And given that the 77% figure doesn’t have a “net” before it, how do these compare?

I guess the best way to sum it up is “I don’t know”. Why do people find it so difficult to admit this?

Written by 2cworth on June 21st, 2006 with no comments.
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