For the past 25 years, Bank of America has surveyed fund managers about how they are positioning their portfolios. When a consensus emerges, the banks pollsters say, investors generally profit by betting against it, according to todays DealBook newsletter.

In its latest survey, which polled investors managing around $600 billion in assets, nearly three-quarters of fund managers agreed that holding big U.S. tech stocks was the most crowded trade in the market. It was the surveys strongest ever consensus, leading the bank to dub buying tech stocks the longest long of all-time. For contrarians, thats a sign that its time to sell.

Tech giants dominance is a risk to long-term returns, Goldman Sachs analysts wrote in a new research note. The five largest stocks in the S&P 500 index Alphabet, Amazon, Apple, Facebook and Microsoft now account for 23 percent of its market cap. We believe further equity upside would require participation from a broader subset of the index, the analysts said.

And for what its worth, the Goldman analysts concluded that the S&P 500 will generate a 6 percent annual return over the next decade, versus nearly 14 percent over the past decade and 10 percent since 1960.

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Buying tech stocks is the most crowded trade in history. - The New York Times