While the most interesting part of the monthly Bank of America Fund Manager Survey is the question of what Wall Street's professionals think is the biggest "tail risk," there is a certain sense of predetermination to a survey that everyone on Wall Street reads. In any case, as the latest FMS revealed, for the past eight months, BofA found that COVID-19 was viewed as the biggest tail risk.

Similarly, Deutsche Bank's Jim Reid writes that a record 984 respondents participated in the bank's latest monthly market survey. And while the German bank will release full results on Monday, it offered a sneak preview of what respondents saw as the biggest market risks for 2021 from the list that we provided.

Interestingly, all the vaccine-related concerns filled out the top 3, which according to Jim Reid, suggests that although consensus roots for a positive 2021, a successful vaccine roll out could still bring upside surprise relative to expectations. As for Reid's own top pick, he said that it was a tech bubble bursting, which made number four on the list followed by central banks pulling back too early. An early inflation surprise rounded out the top 5 risks.