Core Viewpoint - Hedge funds have sold off Hong Kong and Japanese stocks, indicating a shift in investment strategy due to concerns over inflated technology valuations [1] Group 1: Market Trends - The tech-heavy Hang Seng and Nikkei indices experienced declines in the last two trading sessions [1] - The sell-off by hedge funds occurred just before these declines, suggesting a correlation between hedge fund activity and market performance [1] Group 2: Investment Sentiment - Concerns over over-inflated tech values are driving hedge funds to reduce their exposure to these markets [1] - This trend reflects a broader caution among investors regarding the sustainability of tech stock valuations [1]