February Fund Manager Survey: Near Record Euphoria, Record CapEx Revulsion

Last month's Fund Manager Survey by Bank of America found that not only were investors the most bullish since July 2021, and least hedged In 8 years -  a major problem if stocks have a coordinated selloff as there are no natural shorts on the way down to buffer selling -  but that the extreme positioning pushed BofA's Bull Bear indicator to a record high, prompting FMS organized Michael Hartnett to ring the alarm and warn that "inputs from the Jan ’26 FMS push the BofA Bull & Bear Indicator to a hyper-bull 9.4 level, up from 9.3 last week, and deep in "Sell" territory."