What Bears? BofA Poll Shows Sweeping Investor Optimism Into 2026

Investor sentiment as measured by cash levels, stock allocation and global growth expectations rose to 7.4 in December on a scale capped at 10, the most bullish survey outcome in four-and-a-half years. Combined exposure to equities and commodities — assets that typically perform well when the economy is expanding — hit the highest since February 2022, just before a Covid-driven inflation shock led to a sharp rise in global interest rates. BofA strategist Michael Hartnett said this level of optimism has been seen only eight times this century.