The Flow Show Ground Control to Major TAM

BofA's Bull & Bear Indicator has hit a 8.0 'sell' threshold, signaling extreme bullishness and potential for a near-term correction in risk assets. Market concentration in AI-linked stocks has reached historic bubble proportions while EM currencies show increasing signs of stress.

Key Takeaways

• 1.The BofA Bull & Bear Indicator has reached 8.0, triggering a contrarian sell signal for risk assets.
• 2.Market concentration in the 'AI Big 10' has reached ~48%, surpassing historical levels seen in the 1920s, Nifty 50, and the TMT bubble.
• 3.Emerging Market currencies (INR, IDR) are reaching record lows, signaling potential risk-off shifts as the global cost of capital rises.

Table of Contents

• Scores on the Doors
• The Biggest Picture
• The Price is Right
• Tale of the Tape
• Weekly Flows
• Flows to Know
• BofA Private Clients
• BofA Bull & Bear Indicator
• A Short History of IPOs
• Wealth-Price spiral not Wage-Price spiral
• London client feedback
• Asset Class Flows
• Fixed Income Flows
• Equity Flows
• BofA private client flows & allocations
• The Asset Class Quilt of Total Returns
• BofA Rules & Tools
• BofA Bull & Bear Indicator (B&B)
• 2026 Cross-Asset Winners & Losers
• Acronyms
• Disclosures

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