BofA Merrill Lynch (BofAML) global research team has said returns are still to be made as we enter the later stages of the current bull market, but warned of an "aggressive downgrade of risk assets once profits peak".
The team predicted 2018 could be the year of "euphoria" as sentiment had become a more important driver of the S&P 500 than fundamentals, meaning there was still potential for equities to grind higher....
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