Last week's stock market tremor didn't come out of the blue.A key but little-noticed report earlier in the week showed that big money managers remained skeptical of the monster rally that had swept the world since mid-August. The latest Merrill Lynch ( MER) monthly survey of fund managers worldwide found that they were deeply worried about the outlook for profits and economic growth in the year ahead. According to the survey, a net balance of 55% expect global growth to weaken, compared with just 5% back in early July. And a net balance of 44% expect corporate profits worldwide to weaken, up from 12% three months ago. The survey also finds that managers are carrying more cash, and are investing on a shorter time horizon. More than a third rate liquidity conditions as "poor." Of course, it's long been known that bull markets climb a "wall of worry." As long as people are worried, there's probably more upside to come. The problem is, that would make a more compelling argument if markets were still depressed. Instead, many of them have been in orbit. From Wall Street to Beijing, share prices are a lot higher even though, apparently, the outlook has gotten worse. Despite the nerves, fund managers have been loading themselves up to the gunwales with emerging-market stocks.