These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
What is a proper disposition towards life? It is to accept God as a loving father, who is full of tenderness and forgiveness for us, despite our willful blunders and hardened hearts. He yearns for us, as a father and mother yearn for the return of their most beloved child. It is to accept that we are not lost, we are not abandoned. We are wandering like a wayward child, full of our own headstrong delusions. And our father waits expectantly, calling out for us through the darkness. Jesse, 2018
These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
The mutual funds, and those who give them their money to invest, look to be about 'all in' with regard to US equities.
As I recall, the bond funds have decent cash levels, and the piling into short term Treasuries at negative interest rates is certainly a phenomenon.
The hypocrisy and venality of the US financial sector knows no bounds, and they seem to have bought off the guardians of he public trust. The US government desperately needs to sustain confidence and the aura of recovery. They do not need a falling stock market to say the least. And yet, they have to continue funding record levels of debt issuance every month.
A lot of demand for funds, and many of the players close to flat busted.
It may be an interesting year.