美银调查：91%的投资者表示美国股市被高估

Group 1 - Investor optimism reaches the highest level since February, with cash allocation dropping to a historical low of 3.9% [1] - Global equity net overweight ratio stands at 14%, up from 4% in July, marking the highest level since February [1] - Funds are rotating from the EU (overweight ratio of 24%) to emerging markets (overweight ratio of 37%, the highest since February 2023), Japan (underweight ratio of 2%), and the US (underweight ratio of 16%) [1] Group 2 - 91% of investors believe the US stock market is overvalued, a record high [1] - 33% of investors wish to increase hedging against the risk of a weakening dollar, down from a recent high of 40% in May [1] - The most crowded trade is long positions in the seven major US tech stocks (45%), followed by short positions in the dollar (23%) [1]