These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
“Modern tyranny is terror management. When the terrorist attack comes, remember that authoritarians exploit such events in order to consolidate power. The sudden disaster that requires the end of checks and balances, the dissolution of opposition parties, the suspension of freedom of expression, the right to a fair trial, and so on, is the oldest trick in the Hitlerian book. Do not fall for it.”
Timothy Snyder, On Tyranny
These sort of record low cash levels in the funds are generally indicative of a short term top in equities.