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Ukrainian servicemen guard a checkpoint near the village of Strelkovo in Kherson region, adjacent to Crimea, on March 16, 2014.
Ukrainian servicemen guard a checkpoint near the village of Strelkovo in Kherson region, adjacent to Crimea, on March 16, 2014.
(VALENTYN OGIRENKO/REUTERS)

Smart money turns cautious on stocks

If you’re wondering how to react to growing geopolitical tensions in Ukraine and evidence that China’s economy is slowing, look to the smart money: They are growing nervous.

Bank of America’s latest survey of fund managers, consisting of 241 panelists with a combined $636-billion (U.S.) in assets under management, suggests that the pros are reeling in their exposure to the markets – by raising their allocation to cash and reducing their allocation to equities.