Are Investors Positioned Right Now on Equity Markets?

Investors are relatively lightly positioned, which is to say they are below average in terms of their exposure. With real yields now in positive territories, so interest rates adjusted for inflation, you've written that there is no alternative to equities and in particular, US equities to a Terra mindset. So, yes, so you think the market can move moderately lower from here, even on our mainline scenario. But if we think about, there's been so many big down days. There's been some updates too, but there'sbeen so many bigdown days. How are investors positioned right now on equities and how does that inform your view?