Investors are feeling the most pessimistic about the health of the global economy in a decade, according to a survey from Bank of America Merrill Lynch. The gloom is spreading, with a growing number of data points that point to risks for the economy. Fund managers surveyed by BofAML said they are holding onto cash instead of risking it in a frothy market, and 85 percent of them said that the economic expansion is in its late cycle. 38 percent of them said that they expect growth to slow over the next year, the highest share since November 2008, which was during the depths of the financial crisis. The trouble is multiplying. Tech stocks look inflated. The Fed continues to hike interest rates, which is having ripple effects across the world. Borrowing costs are rising, making it more expensive not just for individuals, but for companies and entire governments. […]