Read the last 3 times BofA called the Fed “dovish” and said sell risk. So I backtested it.

BofA's Michael Hartnett is out today calling the Fed "nakedly dovish" and telling clients to rotate away from risk assets. I was curious if that call has actually worked, so I went back and pulled his Flow Show notes from FactSet / BofA archives. Last 3 times Hartnett used almost identical language: Dec 2023: "Fed is dovish, time to sell risk into strength" - S&P +22% in next 12 months July 2020: "Fed nakedly dovish, bubble coming, fade risk" - S&P +28% in

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