Investing.com - Investors are increasingly showing signs of “irrational exuberance”, even as they worry equities markets have become overvalued, according to a survey by Bank of America Merrill Lynch (NYSE:BAC).According to BAML's monthly Fund Manager survey, a record 48% of investors said equities were “overvalued” but also found that a record 16% of respondents took on higher-than-usual levels of risk during the past month. BAML described that as a sign of “irrational exuberance” among investors.Meanwhile, a record high 56% of investors surveyed have bet on a “Goldilocks” scenario in the coming months, defined as high growth with low inflation that should continue to support global equity prices.But tech stocks remain a concern with 34% saying for the sixth time this year that a long position in the Nasdaq is November's most-crowded trade.The consequences of the Federal Reserve reducing its balance sheet and the European Central Bank tapering its bond buying in 2018 prompted a mixed reaction among investors. 42% thought the impact would be bearish, while 35% said it would likely be bullish.
