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Bank Of America: “This Is A Clear Sign Of Irrational Exuberance”

zerohedge.com / by Tyler Durden / Nov 14, 2017 9:26 AM

The latest monthly Fund Manager Survey by Bank of America confirmed what recent market actions have already demonstrated, namely that, as BofA Chief Investment Strategist Michael Hartnett explained, there is a “big market conviction in Goldilocks leading to capitulation into risk assets” while at the same time sending Fund managers’ cash levels to a 4-year low, and pushing “risk-taking” to a new all-time high, surpassing both the dot com and the 2007 bubbles.

BofA’s takeaways from the survey, which polled a total of 206 panelists with $610 billion in AUM, will not come as a surprise to those who have been following this survey in recent months, and which reaffirms that while investors intimately realize how bubbly assets have become, they have no choice but to buy them.

The latest survey highlights:

It’s still all about FAANG froth: the biggest market conviction is in Goldilocks (+ price action in FAANG/BAT, Bitcoin) resulting in bull capitulation; A stunning chart shows that risk-taking among Fund Managers hit an all time high in the lastest period…

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