The current bullish sentiment of fund managers is the strongest since February 2020, but their positions have not reached the level of “extremely dangerous bullish”. On the whole, fund managers are more optimistic about the stock market and the economy. 46% of investors in the survey said “it’s a bull market,” up from 40% in July. Respondents believe that the long-term bull market is the main reason for the rise in stock prices, and there may be a short-term correction in the future. < / P > < p > global stock markets have rebounded 51% in the past five months, or $24 trillion in valuations, as investors bet that economic activity will rebound quickly after a record slump. Of the 181 respondents with $50 trillion in assets under management, 79% expected the economy to be stronger, the highest percentage since December 2009. < / P > < p > not long ago, many people thought that the rise in the stock market was just a “bear market rebound”. Bear market rebound refers to the rebound in the process of decline, which will not really reverse the downward trend of the market. After each rebound, it will continue to create new lows. However, as US stocks approach historical highs, strategists begin to change their views, pointing out that the rapid bull bear switch is not only reasonable, but also that the bull market behind may go further. In terms of popular trading, the survey shows that as the new crown epidemic changes the way people work, learn and shop, technology stocks become the ultimate beneficiaries, and long US technology stocks and growth stocks become the “most crowded” trading for the fourth consecutive month. Technology stocks helped the NASDAQ close to a record high on Monday, the fifth time since August that the index closed at a record high. In terms of risk, the survey also shows that the first tail risk is the possibility of the second wave of outbreak, which has been listed as the largest risk by fund managers for five consecutive months. In addition to the epidemic, investors are also worried about the US election and international trade tensions.