The day before yesterday, Bank of America published a survey of investors. It showed that the vast majority believed that the US equity markets were in a bull market. It split along 53% believing the stock market was in the late stage, while 27% believed it was in the early stage. Just 13% of major investors think that the US market is in a bubble. Fund managers have been putting their money where their mouths are, too. According to the same survey, fund managers have the least amount of cash on hand since early 2013, because they’ve invested heavily in the stock market and in commodities. It is worrying to wonder ... (full story)