Fear Trumps Greed in Global Markets Few Can Describe as Euphoric

  • Money keeps flowing out of stocks while cash holdings rise
  • Record amount of managers calling equities and bonds expensive

Norman: Waiting on a Big Drawdown in Equities

Bull runs, the theory goes, break down after investors put prudence on hold and let euphoria guide them. Based on the restrained state of sentiment today, however, markets are a long way from overheating.

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