Money managers vs individual investors
Professional money managers in the NAAIM survey are about 82% exposed to stocks. Individual investors in the AAII survey are only 33% bullish. This is one of the widest spreads since the inception of the NAAIM survey in 2006. It's tempting to think of this as "smart money" versus "dumb money" because the S&P 500's annualized return when the spread was 40% or more was +7.7%. When it was below 0 (when money managers were more negative than individuals), then its return was only +1.0%. Not a strong edge, but maybe a slight positive for stocks here.