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Cash is king for fund managers wary of valuations, global recovery

But many still believe global economy is finally getting its act together; one manager says while valuations are up earnings have also improved

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A record number of fund managers are saying equities are overvalued and three quarters say Internet stocks are expensive or in a bubble, according to a Bank of America Merrill Lynch survey.

Singapore

ASK Vinay Agarwal about valuations, and his brows furrow.

"I've never held so much cash before, at 13 per cent," said the Indian equities fund manager with First State Stewart Asia, who has US$650 million under his charge.

Companies he likes are expensive. And

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