“The seemingly endless rally… gives the impression that prices are endorsed and supported by the entire professional investment community,” he said. “After all, despite the vocal concerns over valuations having split away from underlying corporate and economic fundamentals, few fund managers have been willing to challenge the market by placing outright shorts. “
However, “sophisticated investors” are expressing their cautious views with the use of derivatives, and El-Erian says the mom-and-pop types should take note.
https://www.marketwatch.com/amp/sto...s-not-so-much-top-economist-warns-11598970447
