BAML: Excess Demand For Risk – ValueWalk Premium

BAML: Excess Demand For Risk

With an excess demand for risk in the air and stocks continuing to climb a Brexit wall of worry higher, Bank of America Merrill Lynch (in a note titled "Excess demand for risk") has a relative value trade it thinks institutional investors should consider.

Significant credit / equity spread dispersion as panic is subsiding
Fear, even if it is manufactured, is a valuable indicator in trading. When one can identify the establishment meme that ignores key facts on the other side and recognize that two-sided discussion was muted . . .

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