The Not So Mysterious Case of the Vanishing Bulls
By Lori Calvasina
Published April 6, 2022 | 7 min listen
Today in the podcast, we run through the results of our quarter investor survey, which we conducted from March 28th to 31st of 106 institutional equity investors. The big things you need to know: First, stock market bulls nearly vanished in our 1Q22 survey. Second, valuations, margins, the Fed, gas prices & Russia/Ukraine are weighing heavily on investors, but on Russia/Ukraine some of the more dire outcomes aren’t seen as probable, and opinions on recession are split helping explain why us equities have been rebounding. Third, we saw a cautious bent to positioning views. Fourth, the survey results reinforce our belief that the US equity market has already baked in a lot of bad news, at least in part, but that the onset of a recession or major broadening out/worsening of the Russia/Ukraine war are key downside risks to monitor.
Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
Lori CalvasinaMarkets in Motion PodcastRBC PodcastUS Equity Market