Bloomberg writes "Cash Hits Two-Decade Low in Global Investor Portfolio." The piece explains, "Here's another way of thinking about how far stocks have come in nine years. Relative to balances in money market funds and cash among mutual fund managers, the value of global equities is the highest in almost two decades. That observation courtesy of Ned Davis Research, which framed the comparison as an indication "cash is underweight" in Planet Earth's asset portfolio. Another way of describing it is that equities have risen so much from the depths of the financial crisis that their value is blotting out everything else to an extent not seen since the dot-com bubble." Bloomberg adds, "At the end of January, money-market assets sat at about 10 percent of global equity values, the lowest reading since 1998, Ned Davis data show. Since peaking in 2009, the percentage fell sharply throughout the bull market, with much of the slope reflecting the inflation of share prices. They've more than tripled to $26 trillion, while money market assets have fallen 31 percent to $2.7 trillion."

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