Have money, will invest. Coffers brimming from strongly growing economies and buoyant markets, the world's wealthy are providing fuel to history's longest ever equity bull run, lifting share markets to ever higher peaks.
The epic multi-year rally has sent world stocks to record highs more than 180 times so far in 2017, adding around $7 trillion to the value of MSCI's all-country index . But far from calling a top, money managers attending this week's Reuters Investment Outlook summit, predict even more in 2018.
Company earnings are growing at a double-digit clip, the investors argued, while central banks remain benevolent. And if share values are lofty, they are not yet seen as unreasonably so.
Undoubtedly true. But there is another potent catalyst as well -- rising wealth and a swelling "savings glut" as the global economy expands.
Global wealth rose almost $17 trillion in the past year to $280 trillion, Credit Suisse's annual report said this week. Much of the new wealth is trickling into investment vehicles, from pension funds to sovereign wealth funds.
From the record-smashing $450 million price tag this week on a Leonardo da Vinci artwork to a dizzying rise in cryptocurrency values, wealthy investors, appear desperate for things to buy.
"There remains an extraordinary amount of money looking for things to do. (With clients), the conversation starts or rapidly gets to 'we have more money than we have ideas'," Luke Ellis, CEO of hedge fund Man Group, told the summit in London.
"Valuations are driven by more buyers than sellers."
Equity funds worldwide saw total net assets rise by a fifth in the past year to over $20 trillion, according to Thomson Reuters fund research firm Lipper.
That may be helping to drive what Bank of America Merrill Lynch described as "capitulation into risk."