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Only 5% of Money Managers Are Bearish on Economy

Only 5% of money managers are bearish on the economy, according to a survey of 64 leading investment management firms by Consulting Group, the managed money unit of Salomon Smith Barney.

In fact, 53% of the respondents said they are bullish on the economy, while 36% said they are neutral.

Other survey highlights showed that 32% believe the Dow Jones Industrial Average will close between 11,000 and 12,000 by the end of the year, while 58% believe the Dow will close between 10,000 and 11,000. Another 43% predicted the Nasdaq 100 will close between 2,000 and 3,000, while 52% said they believe the Nasdaq will close between 1,000 and 2,000.

When asked to predict the top-performing asset class over the next 12 months, managers were split between small-cap growth and large-cap value, with 22% citing the former and 20% the latter.

When asked about potential conflicts of interest at accounting firms, 58% said they believe accounting firms should focus solely on auditing and eliminate consulting practices.