Top money manager cuts exposure, warns stocks are too expensive (via TradingNation)
. All the areas that might indicate a more durable recovery in the economy. They're all stuck below 2018 lows."
Plus, Mills suggests it's hard to firmly rely on Street estimates. According to Mills, earnings and economic estimates could be all over the map because the unprecedented shutdowns are putting"To predict exactly where the data is going to come in relative to expectations, it's just really, really difficult," he said. "We are inventing new charts to even capture some of the data we're seeing.
For now, he's partial to having more cash than usual on the sidelines. He's also looking to the bond market. "There's still opportunity in areas like investment grade credit. Credit spreads are still pretty wide," Mills said. "They're at levels that we saw in 2015-2016, when there were issues with oil."
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