Fear is back in the market. You're listening to Motley Full Money.

I'm Ricky Mulvey, joined today by Jim Gillies. Jim, it is so good to see you on the internet.

Thanks for being here. Thank you, Ricky.

Let's, I want to talk about this fund manager story. So fund managers are pessimistic. Bloomberg reported a Bank of America

survey that basically found that investor sentiment regarding economic prospects is the most negative

in three decades. Fund managers are dramatically moving out of United States stocks.

They were 17% overweight in February and now a net 36% underweight in April. That's a move

of about 50%. What's your reaction to that? And is there any notes that regular investors,

us retail folks,

should be taking from this move? Sure. I'm probably going to give some conflicting stories this

week, but they are what they are. Whenever I hear the word pessimist, I'm always reminded of

my favorite science fiction author, Robert A. Heinle, who said a pessimist is correct,

oftener than an optimist, but an optimist has more fun and neither can stop the march of events.

So I understand the pessimism, but I choose to be an optimist. And this concept of underweight

U.S. stocks versus overweight versus, you know, I hope most individual investors aren't bothering

with that type of thinking. I'm a fan of hedging with cash in your portfolio. I'm a fan of

moving slow, acting slow. I'm a fan of long-term thinking and of not getting terribly specific with allocations,

which this seems to be. I understand the pessimism regarding economic prospects. I believe we'll

talk more about that. But the overarching reality I like to remind myself to be the optimist in pessimistic times.

What I like to remember is the quote from Shelby Davis, which is you make most of your money in bear markets.

You just don't realize it at the time.

And time and again, that has proven beneficial for me.

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