The stock market is near records so why are investors the most bearish since 2008 financial crisis?

The S&P 500 index stands less than 1% shy of a record but investors aren’t loving the climb, based on a recent fund manager survey from Bank of America Merrill Lynch.

“[Fund manager survey] investors have not been this bearish since the Global Financial Crisis, with pessimism driven by trade war and recession concerns” wrote Michael Hartnett, chief investment strategist It’s worth noting that Hartnett views the survey hitting a bearish level as a potentially bullish contrarian sign for markets, with the thinking being that markets have a tendency to climb higher, absent a seismic shock, when investors are fearful.

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