**[Bank of America Survey: Market Sentiment Remains Extremely Bullish, Asset Price Gains in Q1 Face Challenges]** According to a report by Golden Finance, Bank of America’s “Global Fund Manager Survey” reveals that investor sentiment remains “extremely bullish.” However, as nearly everyone has already positioned themselves for gains in the first quarter, further asset price increases during Q1 will be more challenging. The strategist team led by Michael Hartnett at Bank of America pointed out that investors’ overweight allocation to commodities has risen to the highest level since May 2022, reaching a net 28%; overweight allocation to equities has climbed to the highest level since December 2024, at a net 48%; underweight allocation to bonds is at its highest level since September 2022, at a net 40%; and cash levels have only slightly rebounded from last month’s record low of 3.2% to 3.4%.