Nothing scares investors more than China

Investors are afraid of China.

According to Bank of America's latest fund manager survey, China poses the largest "tail risk" to the investment world. A "tail risk" is something seen as a remote event that could derail people's best-laid plans for their investments. In other words, it's a long shot but it would be a problem if it came to pass.

Combined with concerns about another emerging market debt crisis - something, perhaps, akin to the 1997 Asian debt crisis - about 75% of investors are worried about some event from the other side of the world.

BAML

And more broadly investors are just barely positive on the global economic outlook for the next year, the most bearish outlook since July 2012.

BAML

Of course, a "tail risk" is something most people aren't expecting. So there's that.