当前市场情绪从"恐惧"转向"贪婪"，散户投机热情高涨，高盛"MeMe股票篮子"创纪录飙升。分析认 为，当对冲基金这类"聪明钱"做空股票，而散户却在做多时，在未来一到三个月内股市通常会表现不 佳。"聪明钱"们对股票表现出了明显的冷淡态度，其与标普500指数回报的敏感度已降至接近零的水 平。 近日，彭博社的宏观策略师西蒙·怀特（Simon White）发表了一篇分析文章，深入探讨了当前股票市 场中一个值得警惕的现象。作为一名资深的宏观分析专家，怀特通过追踪"聪明钱"的动向，揭示了在 美股市场一片歌舞升平的表象之下，潜藏的风险正在积聚。 文章指出，尽管美股看似仍在上涨，但以宏观基金和量化基金为代表的对冲基金群体，已经对股票表 现出了明显的冷淡态度。怀特认为，这种转变通常预示着未来市场回报率的走低。 贪婪取代恐惧：一个危险的信号 更深层次看，促使这些基金保持警惕的原因，恰恰是贪婪情绪正在渗入这轮反弹。怀特强调，正是因 为贪婪情绪的出现，我们才应特别关注"快钱"的谨慎态度。这种情绪转变可以从多个维度观察到： 与此同时，市场的整体情绪却开始从之前的"恐惧"转向"贪婪"，散户投资者的投机热情高涨。怀特警告 说，当下的市场环 ...

Core Insights - The article highlights a concerning trend in the stock market where "smart money" is retreating while retail investors exhibit increasing greed [1][2][5] - Simon White warns that the current market environment shows signs of fragility, with historical data suggesting that periods of greed often lead to poor market performance in the following months [1][8] Group 1: Divergence Between Smart Money and Retail Investors - Hedge funds, particularly macro funds and Commodity Trading Advisors (CTAs), have shown a significant decline in performance, trailing the S&P 500 by approximately five percentage points in 2025 [2] - These funds have not capitalized on the market rebound from its lows, and their sensitivity to the S&P 500's returns has dropped to nearly zero [2][5] Group 2: Indicators of Greed - The average returns for the S&P 500 over the next one, two, and three months are projected to be -0.1%, 0.2%, and 1.6%, respectively, all significantly below historical averages [9] - Speculative stocks are surging, with Goldman Sachs reporting record increases in the "most shorted stocks" basket and high levels in their speculative trading indicators [9] - Market sentiment has shifted from fear to greed, as indicated by the performance of out-of-the-money call options compared to put options, alongside a decline in the VIX [9] Group 3: Broader Market Volatility - The overall cross-asset volatility, encompassing stocks, bonds, credit, forex, and oil, is declining, suggesting a lack of market scars from recent significant events like trade wars [11] - Low correlation among stocks indicates that they are moving independently, which can pose risks if the market begins to decline, potentially leading to synchronized selling [14][16] Group 4: Potential Risks of Low Correlation - Low correlation can artificially suppress the VIX index, but in a downturn, stocks may start to move in sync, causing the VIX to spike and triggering further sell-offs [16] - The current low correlation is viewed as a potential "downward accelerator" for the market [16] Group 5: Contrarian Perspective - Interestingly, CTA funds appear to have recently abandoned short positions, with their long positions reaching a three-year high [17] - There is a cautionary note regarding the risks associated with these funds chasing the current market rebound, especially given their previous poor performance [17]