Record Short Position in 10-Year Treasuries
A short squeeze ahead? Hedge Funds have now built the largest 10-Year Treasury Future Equivalents short position in history. Note that Asset managers (long-only) have the opposite as they have built record long positions. Source: Barchart
Retail investors are all in
Retail investors' inflows into U.S. stocks jumped over the last 2 weeks to their highest levels in at least 12 months. Aggregate net retail 5-day moving average purchases have more than DOUBLED in a month and hit~$1.7 billion last week. This comes after the S&P 500 fell ~7%, providing what proved to be a buying opportunity. Following the inflows, the S&P 500 surged over 8% from its low and is now 1.5% away from a new all time high. The risk appetite for stocks is still strong. Source: FT, The Kobeissi Letter
real price of excellence
Source: Investment Wisdom
A person who invested $10k in the S&P 500 $SPY in 1993 would have faced:
• Asian Crisis, 1997 • Dotcom bubble, 2000 • GFC, 2007 • EU debt crisis, 2010 • Global pandemic, 2020 • Numerous recessions Yet, their initial investment would be worth $195k today (10% CAGR). Source: @KoyfinCharts
Buffett highlights the difference between a good business and a good investment:
Source: Investment wisdom
The natural trend of global markets is to go up
Source: BofA
Michael Burry has made Chinese Internet Stocks his biggest holdings
His #1 holding is Alibaba which was worth $11.2 million at the end of the last quarter. Source: Barchart, CNBC
Value investor Seth Klarman cuts his stake in Alphabet and buys Humana
Source: Bloomberg
