Should we say these investment "gurus" are getting complacent again? In my humble opinion, This bull market is already over-extended.

Money managers increasingly are finding bargains in the U.S. stock market on the assumption that the economy will slow but not fall into recession, according to a survey set to be released today.

Some 35% of money managers surveyed believe that U.S. stocks are undervalued, according to the quarterly Investment Manager Outlook survey by Russell Investment Group. This is the highest level recorded in the more-than-two-year history of the survey.

While half of investment managers expect U.S. economic growth in the next 12 months will be slower than the 2.9% annual rate reported for the second quarter, none expect a recession, the survey showed.

Russell Investment Group, a subsidiary of Northwestern Mutual Life Insurance Co., manages more than $171 billion in assets as of June 30 and researches and selects money managers for institutional and retail investors. The firm also markets the Russell stock-market indexes. The survey, conducted from Aug. 30 to Sept. 7, asked investment professionals from 93 firms about their outlook on stocks, bonds and other investments.