Hello, Haymakers:
BofA’s Chief Investment Strategist, Michael Hartnett, often quoted in this newsletter, is renowned for his studies of asset allocation. He also keeps close tabs on institutional cash levels, per his closely followed Fund Manager Survey (FMS).
According to the latest FMS release, global fund managers now hold a mere 3.5% of their assets in cash. That is well below the warning level of 4%, signaling extreme bullishness. It’s also the sixth-lowest reading since 1998.
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