Bubble fears just hit their highest level on record

More investors are worried about overvalued stocks and bonds than at any time in at least the last 12 years.

That’s the message from Bank of America Merrill Lynch’s latest survey of fund managers, which polls 145 participants managing a combined $US494 billion (£337.4 billion) in assets on how they feel about a bunch of different investments.

Concerns among their panel about a bubble in stocks are at their highest level since records began in 2000. Combined, 54% more investors think both stocks and bonds are overvalued than don’t, the highest since 2003 when the series began.

Here’s how that looks:

There are two other big moves in the BAML survey. More investors now think the dollar is overvalued than at any time since 2009:

And they think the euro is more undervalued than at any time in the last 12 years:

The euro has fallen from just over $US1.38 this time last year to below $US1.06 now — but these graphs suggest that plunge may be coming to and end.

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