Wall Street Has Lowest Exposure To Cash Since 2010 As U.S. Stock Exceptionalism Peaks, Survey Says

1. Fund managers' optimism peaks; cash holdings drop to 3.5%, lowest since 2010. 2. 82% of fund managers expect no global recession; sentiment echoes pre-Ukraine invasion optimism. 3. 89% view U.S. stocks as overvalued; record highs driven by 'animal spirits' reported. 4. Trade war concerns emerge; 58% of managers see gold outperforming in a trade war. 5. S&P 500's P/E ratio at 22.3, well above historical averages; valuations are bloated.