The coronavirus's potential impact is noted in Bank of America's (BoA) latest fund manager survey, with investors cutting their China GDP expectations to the lowest level in four years.

A net 18 per cent of fund managers now have positive growth expectations; down from 36 per cent in January and the first time since October that global growth expectations have fallen.

Worry

It’s not that investors are bearish – after all, the average cash balance has fallen to 4 per cent, the lowest level in almost seven years – but contrarians will be cheered by the fact that sentiment has become less exuberant.

Expensive markets can become more expensive; the time to worry is when everyone is pounding the table for stocks. That's not the case just yet, so stay "irrationally bullish", says BoA's Michael Hartnett.