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When people who manage lots of money are feeling confident, they invest that money. When they feel scared, uncertain, and pessimistic, they just hold onto cash, waiting fearfully for disaster to strike. How are they feeling now?

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Bloomberg reports that this month’s Bank of America Merrill Lynch survey of big money managers finds them holding nearly 6% cash in their portfolios. Which is a lot!!!!: “The share of cash [in their portfolios] hasn’t been higher than that since November 2001, shortly after the terrorist attacks in the U.S.”

(The third biggest “tail risk” they fear, according to the survey, is “Republican wins the White House.”)

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In conclusion, the people with all the money are only slightly less terrified of the world than they were just after the most terrifying terrorist attacks in our generation. But you should not worry.