More investors are worried about overvalued stocks and bonds than at any time in at least the past 12 years.

That’s the message from Bank of America Merrill Lynch’s latest survey of fund managers, which polls 145 participants managing a combined $494 billion (£337.4 billion) in assets on how they feel about a bunch of different investments.

Investors on the panel who think both stocks and bonds are overvalued outnumber those who don’t by 54%, the highest disparity since the series began in 2003. Concerns among the panel about a bubble specifically in stocks are at their highest level since records began in 2000.

Here’s how that looks:

stock bond bubble BAMLBAML

There are two other big moves in the BAML survey. More investors now think the dollar is overvalued than at any time since 2009:

dollar overvalued BAMLBAML

And they think the euro is more undervalued than at any time in the past 12 years:

euro undervalued BAMLBAML

The euro has fallen from just over $1.38 this time last year to below $1.06 — but these graphs suggest that plunge may be winding down.