How far can equities run?

The BoAML fundie survey is out, via AFR:

“The bulls are back,” said Michael Hartnett, chief investment strategist at the bank. “Investors are experiencing FOMO – the fear of missing out – which has prompted a wave of optimism and jump in exposure to equities and cyclicals.”

The survey found that investors are adding risk: “their portfolios are no longer explicitly geared to assets that outperform in a low growth and low inflation backdrop.”

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