Hedge funds are not smart money.
High exposure to the stock market in 2007 was just prior to the global crash.
High exposure in 2015 was just before the Emerging Markets crash, US stock correction & commodity bust.
Record exposure today is just prior to...
High exposure to the stock market in 2007 was just prior to the global crash.
High exposure in 2015 was just before the Emerging Markets crash, US stock correction & commodity bust.
Record exposure today is just prior to...
I’m really surprised at the outright speculation in recent quarters.
Persistent amount of call buying over puts was last seen during the late 1990s and (eventually) ended in a huge crash.
Persistent amount of call buying over puts was last seen during the late 1990s and (eventually) ended in a huge crash.
There is complete disconnect between the economy and stock earnings on one side,
And prices / valuations that investors have pushed share prices on the other side.
Even on forward earnings!! markets look ridiculously unattractive.
And prices / valuations that investors have pushed share prices on the other side.
Even on forward earnings!! markets look ridiculously unattractive.
Insiders, the smartest money out there (unlike hedge funds) are offloading stocks like almost never before.
They bought a lot in March 2020, but have really been selling with both hands since November 2020.
By some measures, insider selling is intense like early 2007.
They bought a lot in March 2020, but have really been selling with both hands since November 2020.
By some measures, insider selling is intense like early 2007.
With their career at risk, fund managers are pressing the long exposure to the MAXIMUM!
At the bottom of the GFC in late 2008, they were taking -60% lower than normal risk — best time to buy!!
Today, they are taking 25% higher than normal risk — best time to sell??
At the bottom of the GFC in late 2008, they were taking -60% lower than normal risk — best time to buy!!
Today, they are taking 25% higher than normal risk — best time to sell??
“People say I didn't warn last time.
I did, but no one listened.
So I warn this time. And still, no one listens."
— Michael Burry
I did, but no one listened.
So I warn this time. And still, no one listens."
— Michael Burry
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