Brett Arends’s ROI: Don’t look now, but the market’s big money is eyeing the exit

I don’t want to alarm anyone, but the people managing the world’s investments are getting extremely worried about the stock market.

Institutional investors with a collective half-trillion dollars under management now say that global stocks are the most overvalued since 2000.

Making matters even worse is that by their own admission they are massively overexposed to stocks in their portfolios — suggesting the risk of a crush at the exits if this thing turns sour.

The twin dangers emerge from the latest survey of global money managers by Bank of America Merrill Lynch. The bank’s economists surveyed 165 professional investment managers worldwide, with an aggregate $505 billion in funds under management.

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