Will The Flows Floodgates Reopen For Stocks?

Sympathetic as I (pretty plainly) am to the bear case for an equity market trading up 20% from the lows on a rich multiple and very poor breadth, I have to concede the scope for upside based, if nothing else, on the trillions in sideline cash and the notion that some discretionary cohorts are likely still under-positioned. Elevated cash allocations were a fixture in 2022, and the first half of 2023 was defined by a rapacious grab into money market funds. How long will it be before that cash sta