This week in the podcast, we runthrough the results of our 2Q21 US equity investor survey, conducted June 22nd– 29th. The respondents were mostly US focused and based portfolio managers.All were institutional investors. The big things you need to know: Overall, USequity investors remained optimistic, though optimism did fade a bit relativeto our late March survey. Cash deployment and economic outlooks are strong,though valuations, margins, inflation, COVID variants, the Fed, and Washingtonpolicy are all weighing on sentiment. Interest in reflation trades is alsofading.