The most crowded trade in markets at the moment is $ cash.
Fear rather than greed is dominating sentiment for both retail and professional investors and, with yields approaching 4%, cash is back as an asset class once more.
Of course, this time last year, there was also fear driving the markets, except then it was a case of FOMO, Fear of Missing Out ; of ARKK, or Crypto, or meme stocks, or SPACs.
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