The two charts below came from an investor presentation given by the Pengana Emerging Companies Fund. The charts were used as a backdrop to the managers positive investment thesis for wealth management companies (e.g. Perpetual, IOOF, HFA Holdings), which make up a substantial part of their portfolio. The two charts show that 1) Sentiment towards equities as a 'wise' place to be invested still lags property and deposits 2) The mountain of term deposits that has been built up has barely plateaued, leaving a mass of money earning pitiful returns. The charts were used to provide backdrop for a bullish investment case in wealth managers, who would benefit should perception towards equities shift and these term deposits start moving back into the market either directly into shares or via wealth managers. These charts could also be used as part of case for why some key ingredients for a market correction are notably absent right now.