(Reuters) – The big money is calling a halt to the surge in stock prices.
Declines in oil and metals prices are being seen by an increasing number of fund managers and strategists as a signal to get out of riskier areas of the equity market. And that means avoiding things like Chinese IPOs and sticking to the boring stuff, like utilities.
“The growing concern is that stocks had priced in an overly optimistic economic path, and the recent breakdown in commodities and shift in equities to safer industries like health care suggest a reckoning in coming months.
Ken Fisher, founder of Fisher Investments which manages about $38 billion in equities. is among those concerned many investors have become overconfident.
“I think expectations for the stock market are a bit on the high side,” he said.”
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