According to Merrill Lynch's May global fund manager survey (230 investors with $660 billion in assets under management) released last night, hedge funds are at their highest net long exposure in seven years.
Clearly, this dominant class of investors (and others) is now dismissing concerns regarding the macroeconomic backdrop in the U.S. and around the world as poppycock.
Many (on this site and elsewhere) are now saying that the tepid global economic growth is something that big-picture economists and strategists worry about, not stock pickers.
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