Bank of America published on November 17 its latest global fund manager survey, and the findings will cheer up all you bulls.

It's the most impavid BofA report of the year. (Yes, I'm going to find every excuse I can to slip in the i-word; "impavid" is a perfectly cromulent synonym for "bullish," I can hear that Simpsons character in my head say.)

According to fund managers polled by BofA, just about everything looks like a "buy" now.

"Bottom line," writes Bank of America Securities chief investment strategist Michael Hartnett, it's "the most bullish Fund Manager Survey (FMS) of 2020 on the back of vaccine, election, macro; Nov FMS shows a big drop in cash, 20-year high in GDP expectations, big jump in equity, small cap & EM exposure."

This level of exuberance should come as little surprise. Usually, after an election cycle money flows back into the markets. That's been the case every four years in the U.S. since the global financial crisis.

And, yet, the findings are still worth examining. Let's zoom in on a couple of those points mentioned above.

First stop: growth. According to the survey participants, growth expectations are at a 20-year high.

And, dialing up EM—emerging markets—exposure is also a logical play as the dollar falls and more weakness is seen in the year ahead. In fact, emerging markets is viewed as the top out-performer for the year ahead, as the chart below shows.

Here's what caught my eye: Check out oil, No. 3 on the list above, ahead of Bitcoin. Maybe there's some generational bias at play there. But, still, crude is so beaten-down. It makes sense to think demand will inevitably rebound briskly, sending Brent and WTI higher in the year to come.

Expectations are also high for a bounce-back in corporate profits. They should be after this year's bottom-line massacre for much of the S&P.

The vaccine news is triggering the biggest change in sentiment/strategy. Fund managers are seeing an "unambiguous rotation to EM, small cap, value, banks, funded by lower allocation to cash, bonds, staples."

And that brings me to the most provocative line in the report: The "reopening rotation can continue in Q4, but we say 'sell the vaccine' in coming weeks/months as we think we're close to 'full bull.'"

Full bull? Is that even possible?