With the re-election of President Obama, the fiscal cliff has been on every investor’s mind and the Bank of America Merrill Lynch Global Fund Manager Survey has the numbers to prove it. 

The fiscal cliff is seen as the biggest risk for investors at 54%. The EU debt crisis came in a second at 25%.

Click on the graph to see the results of the 'biggest risks.'

While only one-fifth believes the fiscal cliff is priced into equities, the general trend is that investors are waiting it out to see if the “cliff” will have a negative impact on growth, earnings and credit markets.

Click on the graph to see what investors said about the effect of the fiscal cliff on the markets. 

By playing the waiting game, investors are making sure it’s a valid reason before reducing equity exposure.