Cash and silver: The New High Fund Manager ' s cash holdings have fallen to an all-time low of 3.6 per cent since 2021

On 27 July, a team of US bank strategists pointed out that Bull & Bear Indicator, a measure of investor sentiment, had risen slightly from 9.5 to 9.6 last week, a record since the outbreak peaked in 2021. In a report released last Friday, a team led by Michael Hartnett, the chief strategist of the United States and China, noted that the indicator had triggered 17 “sale” signals since 2002. In the three months following the launch of the signal, the global stock market fell by an average of about 2 per cent or 3 per cent, with the maximum range ranging from 15 to 20 per cent. The strategist added that once the indicator triggers a “buy-in” or “sale-out” signal, it usually lasts about one to three months. The bank noted that interest rate trends could be a potential risk to depressed markets, particularly as markets were betting on the possibility of re-launching the interest-rate cycle in the coming months. On the other hand, the market has recently begun to question the sustainability of the investment boom in AI, but investors continue to repossess risk assets at a time when the global stock market is approaching a new high. The Bank ' s latest fund manager survey shows that an increasing number of global investors view the AI stock bubble as the biggest end-end risk in the market, but the holding of shares is still close to full, with the share of cash held at an all-time low of 3.6 per cent in July。