So much has changed in the past year (at least according to respondents in Bank of America's latest Fund Manager Survey).

This time in December 2017, FMS investors were super bullish and long Bitcoin (which hit $19,611 on Dec 19th 2017), global stocks, banks, and short bonds and defensives. One year later, everything has been flipped on its head: FMS investors are bearish, long cash, the US dollar, and defensives and are short global stocks, tech, industrials (oh and Bitcoin is trading around $3,000).

So what else does the latest fund manager survey (which polled a total of 243 respondents with $694bn AUM in the period Dec 7-13) reveal? Not surprisingly, the survey found close to "extreme bearishness" on Wall Street, with BofA's Michael Hartnett noting that December saw the third biggest decline in inflation expectations, down 33ppt to just net 37% expecting global CPI to rise over the next year, a big reversal from the recent peak of net 82% in April.

As a result of this pre-deflationary deluge, investors have flooded into bonds and out of stocks, while within equities there were large moves into defensives via energy and tech into staples and utilities.

More importantly, this month's survey found the biggest ever one-month rotation into bonds class as investors dumped equities around the globe while bond allocations rose 23ppt to net 35% underweight....

... marking the highest bond allocation since the Brexit vote in June 2016.

Meanwhile, the allocation to global equities has fallen 15ppt to a two-year low of net 16% overweight, with US equity allocation falling 8ppt to net 6% overweight, largely as a result of collapsing global GDP/EPS expectations in December...

... but cash level at 4.8% (from 4.7%) are not enough to trigger a contrarian "buy signal" for risk assets from BofAML Bull & Bear Indicator…now 2.5.