BANK OF AMERICA: NO PENALTY FOR BUYING S&P 500 AT RECORD HIGHS BofA says history shows investors aren’t penalized for buying stocks at all-time highs — five years later, returns have often been stronger. The bank notes that despite weak sentiment data, “hard” economic data remains solid. It expects this gap between perception and reality to support equities into year-end. BofA also highlights record household cash levels and weak home sales, echoing the 1980s when lower rates boosted housing and stocks. Its Q4 base case: a 4% 10-year Treasury yield and a 3.9% Fed rate.(*Walter Bloomberg)