Global investors have rarely been this bullish: Bank of America's Bull & Bear Indicator is up to 9.6 points, the highest since December 2020. The gauge measures equity and bond fund flows, hedge fund and fund manager equity positioning, credit market conditions, and market breadth. This metric is now at its 3rd-highest level in 24 years, indicating an extremely positive market sentiment. This comes as 5 out of 6 indicator components show bullish and very bullish readings, with only global stock market breadth at neutral. The most recent increase in the gauge has been driven by fund manager cash allocation, which has fallen -0.5 percentage points month-over-month, to 3.6%, near the lowest in 13 years. Investor appetite for stocks has rarely ever been stronger.