Atrasados começaram a entrar

Jun 10, 2009, 12:19 p.m. ESTFund managers splash the cash.


By Sam Mamudi, MarketWatch
NEW YORK (MarketWatch) -- Mutual fund managers are paid to invest their clients'
money in the markets. But for some managers last year's carnage was so bad that
they kept record levels of cash.
Now those managers are heading back into stocks, swayed by a belief that prices are cheap
and a feeling that, while the bull market may not be here yet, at least some of the worst is
over.

Equities Risks Skewed To The Downside

US equities seem cheap compared to where they were a couple of years ago. But the risks still posed by weak global trade, significantly lower profitability levels and weak US household consumption suggests that after the recent rally, risks are now tilted towards further weakness.
"Stocks were down to the lower end of any rational historical valuation, unless you believed
we were going into a depression," said David Ellison, chief investment officer at FBR Funds.
Ellison is a poster child for cash-hoarding managers. At one point last year more than 60%
of his financial-sector funds' assets were in cash. That figure is less than 10% today.
"There's been a pile-on of good news [recently]," Ellison said. He pointed to lower Libor
lending rates, improvement in home sales numbers, "reasonably good" corporate earnings
and an increasing ability for companies to raise capital.