彭博社：散户贪婪之际，聪明钱开始削减美股多头仓位

Core Viewpoint - The current market sentiment has shifted from "fear" to "greed," with retail investors showing heightened speculative enthusiasm, while "smart money" such as hedge funds is retreating from equities [1][2][3]. Group 1: Market Sentiment and Hedge Fund Behavior - Hedge funds, represented by macro and quantitative funds, have shown a clear disinterest in stocks, with their overall return rates lagging approximately five percentage points behind the S&P 500 index [4]. - Historical data indicates that when "smart money" is shorting stocks while retail investors are going long, the stock market tends to perform poorly in the following one to three months [6]. - The average returns for the S&P 500 index in such scenarios are projected to be -0.1%, 0.2%, and 1.6% over the next one, two, and three months, respectively, all significantly below historical averages of 0.7%, 1.4%, and 2.3% [8]. Group 2: Indicators of Greed and Market Vulnerability - The rise of speculative stocks, as evidenced by the record surge in Goldman Sachs' "most shorted stocks basket," indicates a growing greed among retail investors [9]. - The options market has shifted from a "fear" dominated phase to a "greed" dominated phase, with implied volatility of out-of-the-money call options outperforming that of put options, and the VIX index declining [9][10]. - A decrease in implied volatility across various asset classes suggests that the market is not adequately responding to significant events, such as trade wars, indicating a potential complacency [11]. Group 3: Low Correlation and Potential Risks - The article discusses the concept of implied correlation among stocks, where low correlation indicates that stocks are moving independently rather than in unison [14]. - Low correlation can artificially suppress the VIX index during stable market conditions, but in a downturn, stocks may start to move in sync, leading to a rapid increase in correlation and a spike in the VIX, creating a vicious cycle of selling [14]. Group 4: Contrarian Perspective - Interestingly, recent data from Nomura Securities suggests that CTA funds have recently abandoned short positions, reaching their highest long positions in three years [15]. - The potential risk associated with this behavior is highlighted, as these funds may be chasing a stubborn rebound, which could lead to significant losses if their timing is incorrect [15].