Citi: Complacency Is The Order Of The Day, And That Is Worrisome

Asian investors have become just as bullish about the S&P 500 (INDEXSP:.INX) as domestic investors, and they are more concerned with political machinations than underlying business trends, according to Citi analyst Tobias Levkovich, who just finished a trip talking to some of his clients across Asia. While he expected to find people interested in the low number of mergers and acquisitions, the effect of tax engineering and low interest rates on margins, and other fundamental issues, he says that he found investors wanting to talk largely about the Great Rotation and what would happen next in D.C. Lack of M&A activity…