Ain’t no party like a capex party, because apparently a capex party don’t stop. Robin Wigglesworth notes that despite a closed Strait of Hormuz, a slowing China, a Japanese bond crisis, and rising yields, the world’s leading capital allocators — the “bad boys and risk‑takers” — are in party mode. Bank of America’s monthly fund manager survey shows the third most bullish reading since 2022; cash holdings have slipped to an ultra‑low 3.5%, while global equity allocation surged to a net 56% overweight, the highest since 2021. Michael Hartnett sums it up: consensus expects no macro landing, no Fed hike, no AI capex cut, and no Democratic sweep — positioning that recommends rotating within risk assets rather than reloading. Charts reveal fund managers now hold one of the lowest cash levels in nearly three decades, equity allocations at 2021‑era highs, and earnings optimism at a similar peak.

A record share of investors see nothing but sunshine for the global economy, prompting the question: when’s the crash?.