Bank Of America: "This Is A Clear Sign Of Irrational Exuberance"

@zerohedge -

@zerohedge—The latest monthly Fund Manager Survey by Bank of America confirmed what recent market actions have already demonstrated, namely that, as BofA Chief Investment Strategist Michael Hartnett explained, there is a "big market conviction in Goldilocks leading to capitulation into risk assets" while at the same time sending Fund managers' cash levels to a 4-year low, and pushing "risk-taking" to a new all-time high, surpassing both the dot com and the 2007 bubbles. BofA's takeaways from the survey,...