BofA analyst Michael Hartnett is out with his latest survey of global fund managers.
The biggest take away? Pro investors are BULLISH.
As this chart shows, risk appetite (as measured by the share of fund managers who are bullish) is surging to multi-year highs.
And the flipside. The amount that pro fund managers are holding in cash is dropping to historic lows.
Meanwhile, it’s interesting to note that we’re hitting these levels at the same time as retail investors are finally flooding back into stock funds.