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Fund managers hold record low in cash as sentiment hits four-year high
All-time low cash levels of just 3.3%, down from 3.7% in November. Such bullish positioning, notes the report’s author Michael Hartnett, represents the biggest headwind for risk assets. 

Investors are all-in already.



But... 

If the stock market drops on a given day, retail investors impulsively buy the next day. 
Their favourites are clear: on the Robinhood platform, the five most heavily owned stocks are all in the Magnificent Seven. 

And with $7.5tn still sitting in money market mutual funds, small US investors may have buying power left.



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