Fund managers haven’t felt the FOMO yet.

All year, retail investors have been piling into stocks while fund managers have lightened up. With the huge rebound in stocks, many fund managers are no doubt wishing they had bought the dip but the latest survey from Bank of America shows they’ve remained cautious, with allocations to US equities at the lowest since May 2023.

Some of that might be trickling abroad as several global stock markets hit records last week.

You can’t argue with the success retail has had in the past month but in the long history of retail vs institutional, it’s almost always best to be on the institutional side.