The next recession is likely to arrive soon, so it\u2019s time for stock market investors to look for more defensive, value-oriented approach to their investment decisions, said a global survey. The 12-month outlook is significantly more negative than it was in a year ago period, said BCG\u2019s tenth annual investor survey, conducted in October 2018. Up from one in five (20 per cent) in 2017, over one in four respondents (27 per cent) are bearish or extremely bearish about the market\u2019s potential over the next 12 months, the survey said. Only one-third (33 per cent) of investors remain bullish or extremely bullish about the market\u2019s potential for the next 12 months, down from nearly one-half (46 per cent) in 2017, it added. Nearly two-third investors interviewed for the survey who share bearish outlook are concerned of high valuations. Also read: Share Market Live: Sensex extends losses, Nifty near 11,000; Tata Motors down 19% The expectations of investors for total shareholder return (TSR) remain at historically low levels.The respondents in the survey are the ones who directly manage more than $500 billion in assets and represent companies that manage $12 trillion to $15 trillion in assets. The management of companies has an opportunity to increase the alignment of their business, financial, and investor strategies, the investors said in the survey. Also read: Deadline looms: You may lose your income tax PAN if you do not take this step \u201c(C)ompanies should develop a detailed and action-oriented roadmap for strategy and value creation that outlines plans for navigating various macroeconomic and industry scenarios, including severe downturns. A rigorous roadmap should align the company\u2019s business, financial, and investor strategies,\u201d the respondents said.