Fund managers are showing signs of 'irrational exuberance' by increasing their overweight global equities positions and decreasing cash weightings, according to the latest Bank of America Merrill Lynch (BofAML) survey.
The November survey, which consisted of 209 panellists, found allocations to global equities had increased to net 49% overweight, the highest level since April 2015. Furthermore, average cash balances...
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