According to Goldman Sachs, “net leverage among hedge funds is now in the 1st percentile on a one- and three-year lookback, and the 0th percentile over five years. Beta-adjusted, both gross and net sit at the 0th percentile of the past year. Translation: the pros have rarely, if ever, owned less of this market.” Translation: After a top call and crash in many tracked mega cap technology companies, the hedge fund deleveraging could promote a technical bounce for deeply oversold names. A retracement and bounce that, in our humble opinion, while powerful, still should not be trusted! Source: Goldman Sachs
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