Assets in US money-market funds have now reached a record $5.2 trillion, according to data from the ICI.
Stock buybacks have been a key source of share demand in the U.S. over the past decade.
But the firm's strategists don't expect the rally to last long.
History implies the S&P 500 is 2.5 times too expensive based on today's rates, the firm's strategists said.
Value stocks have started to stall against growth peers recently.
The firm warned that the U.S. could be facing an earnings recession.
European equities have performed strongly in January, with the Stoxx 600 climbing about 7%.
One top-performing manager, Tom Morris of the Liontrust GF Tortoise Fund, is going against the tide.
U.S. firms are still on pace for a record $1.25 trillion of repurchases this year.
The Stoxx 600 last month slumped into a bear market.
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