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Ned Davis Research Doubles Down on Its Bearish Global Equity Call

  • Strategist Tim Hayes cuts allocation to lowest since 2008
  • His pessimism since October has proved prescient amid rout
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U.S. Stocks on Pace for Worst Quarter Since 2008

Ned Davis Research has pushed its bearish call for global stocks to the limit.

Tim Hayes, the firm’s chief global investment strategist, cut the recommended equity allocation for a second time since October. Down by 10 percentage points to 40 percent, the assigned proportion is the lowest since 2008 and has “reached the downside extreme of what we would ever recommend for equity allocation,” he said in a research note.