The Financial Post reports in its Friday edition that if professional investors are worried that the rise in global bond yields will derail a bull market in stocks, you'd never guess it by looking at what they're doing with the money they manage. A Bloomberg dispatch to the Post says that global fund managers have 56 per cent of their portfolios in equities, the highest proportion since November, 2021, according to BofA's latest survey. The bullishness toward stocks comes even as the same survey shows that a "disorderly rise in bond yields" is considered the second-largest threat to the equity market after concerns about an artificial intelligence bubble. In a related risk, 25 per cent of respondents cited a second wave of inflation as the largest risk. The jump in yields is the "elephant in the room" that threatens to derail an equity market. Yet while strategists up and down Wall Street are watching the rise in yields with some concern, they are for the most part concluding that they haven't climbed high enough to derail the bull case for stocks. History shows that sudden spikes in yields aren't always poison for stocks. Strategists say the equity market is currently enjoying the "sweet spot" of the yield curve.