Yep, FOMO!!

78% of mutual fund managers say stocks are overvalued:



But, per yesterday's morning note (featured quote below) -- and Stage 6 of the Boom/Bust Cycle -- they're playing the game anyway:

From Bloomberg's Lisa Abramowicz this morning:

"It's not just Davey Day Trader buying the recent rally. Fund managers' June cash levels dropped from 5.7% to 4.7%, the biggest decline since Aug'09, while hedge fund net equity exposure soared to 52% from 34%, the highest since Sept'18: BofA Global June Fund Manager Survey."

Yep, FOMO (Fear Of Missing Out)!