Literally No One Believes the Stock Market Will Go Down
Well, this is terrifying.
Via Short Side of Long, a new survey of investment fund managers—designed to measure how much variance there is among investment strategies they're currently pursuing—shows that no one thinks the stock market will be going down. Just look at this fucking chart.
Over the last several weeks, the most bullish managers have been fully invested and highly leveraged on the long side, with exposure ranging from 150% all the way to 170% net long. What is even more interesting, the most bearish managers have not been bearish at all. Their exposure has ranged from 0% (market neutral) to anything from 15% to 50% net long.
You know what they say about the stock market: "When everyone is betting the exact same way, things always turn out great for everyone."
You know what they say about "the bears": "When all the bears die off, well, that is just the mark of a flourishing ecosystem."
Nobody worry about nothin.
