By David Scott | Monday 20 November 2017
Investors are riding a wave of “irrational exuberance” as they extend bullish positions even as they fret over valuations, according to the latest fund-manager survey by Bank of America Merrill Lynch. While a record net 48 percent of investors say stocks are overvalued, a net 16 percent say they are taking on above-normal levels of risk, another all-time high. Investors are also taking out less downside protection and holding less cash, the survey shows. “Icarus is flying ever closer to the sun,” said Michael Hartnett, the bank’s chief investment strategist.
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