Are U.S. retail investors too complacent about U.S. equities? They’re certainly less cautious than large global institutional investors who are moving some of their investments out of the U.S. stock and bond markets, according to a new survey by market research firm CoreData. The survey polled 132 institutional investors around the world — think large pension funds, sovereign wealth funds, banks, real estate investment trusts, and the like, as opposed to everyday retail investors like many Cheddar readers. The survey showed that 49% said the markets are too complacent, and 56% hold a bearish view on U.S. equity markets over the next three months. By comparison, 66% of American retail investors are bullish or neutral on U.S. stocks over the next six months, and only 33% are bearish.