From recession worries over the past several months to fear of missing out, or FOMO, as the market again reaches new record highs, there is never a shortage of things for portfolio managers to stress over.

Bank of America Merrill Lynch released its latest survey of what’s spooking global fund managers, and found that cash levels just posted their biggest decline since President Donald Trump’s election in November of 2016 as investors rush to get in on the record bull market run — which surely has to end at some point. Cash on hand is now at its lowest level since June of 2013 as FOMO runs rampant.

According to Bank of America Chief Investment Strategist Michael Hartnett, global growth optimism surged by the most in 20 years to an 18-month high, which he says is a sign that investors expect better manufacturing — after three straight months of contraction — and profit numbers around the world.

“The bulls are back … global recession concerns vanish and ‘Fear of Missing Out’ prompts wave of optimism and jump in exposure to equities & cyclicals,” Hartnett wrote in a note to clients, according to CNBC. “We say … easy part of rally over, tougher part of rally beginning … but rally it can as no ‘excess greed,’ there is ‘excess liquidity’ (and trade/fiscal easing), and corporate earnings set to accelerate.”

Of course, there are still worries about where the market is headed into 2020 and beyond, and the ongoing U.S.-China trade war is still the No. 1 risk to a bounce in equity prices. But the bulls listed the latest “trade truce” between the world’s two largest economies as a reason for optimism, Hartnett said.

The survey of 230 panelists with $574 billion in assets under management was conducted Nov. 1 through Nov. 7. Among Wall Street investors and traders, it is the poll looked to most for what is happening in the investment world.

The survey is somewhat surprising, having been released on the same day as a UBS survey that showed more than half of the country’s wealthy investors are bracing for rough times ahead in 2020.

Out of 3,400 investors surveyed by UBS, 55% think there will be a significant sell-off and dip during 2020, but they’re unsure when exactly it will hit. Click here to read more on the UBS story here on Money and Markets.