How far can equities run?

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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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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.