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Even as share prices hit one new high after another, small investors have only a small portion of their assets in the stock market, according to a new survey.

U.S. investors have just 18 percent of their investable assets in stocks, according to a global survey by BlackRock, the big money-management firm. They’ve stowed another 7 percent in bonds. So where are people putting their money? Low-yielding cash investments, such as money-market funds and bank accounts. More than 48 percent of assets are in cash, according to the survey.

The poll is a sign of the emotional trauma lingering from the 2008 financial crisis. Such wariness makes sense, given that it’s the fourth year of a bull market. But small fry have been chary throughout the bull run, meaning many have missed out on big gains.

BlackRock polled 17,567 investors worldwide, including 4,000 Americans.