- Institutional investors — including mutual-fund managers and pension funds — made massive bullish bets on the stock market from late June through the most recent peak in July.
- According to Lori Calvasina, the head of US equity strategy at RBC Capital Markets, their “euphoric” futures trading was eerily similar to the eves of recent stock-market meltdowns, including the 2008 crisis.
- She explained why this trend is more sinister than it seems at first glance, and identified a corner of the market that could be relatively insulated from the fallout.
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