2023 was a good year for holders of stocks. So was 2024. 2025 too. And —despite the US President threatening to invade one of his European allies earlier in the year, a new war in the Middle East that has pushed up oil prices, inflation expectations, and bond yields — 2026 isn’t looking terrible either.
MainFT reports today that some investors reckon things just can’t go on like this. Although Bank of America’s monthly poll of fund managers shows a record proportion of fund managers think they definitely can, having newly switched into the bullish camp:
This mass pivot from worrywart to enthusiast takes the share of fund managers self-reporting as overweight stocks to levels not seen any time since January 2022, just when the last bull wave was cresting. So any fun-sponges look like they’re in a smallish minority.