Smart Money

Not So Smart Money: Hedge Funds Are Again Underperforming The S&P 500 In 2017

As Goldman reports in is quarterly hedge fund Trend Monitor report, six weeks into the year, the strong equity market has lifted the average hedge fund to just a 2% return YTD, once again underperforming the broader market YTD by more than 50%, while macro funds have generated a 0% return YTD

Bank of America Clients Sell Stocks For The First Time Since The US Election

According to the latest weekly BofA client data, "smart money" investors have finally tempered their euphoric optimism, and last week during which the S&P 500 climbed to another new high, BofAML clients took advantage of the surge in "greater fools" and turned net sellers of US equities for the first time since the week prior to the US election in early November.

What Catalyst Will Start The Next Bear Market: Here Is Wall Street's Response

When BofA conducted its monthly Fund Managers' Survey, and asked what is the most likely bear market catalysts, the responses were as follows: "protectionism" = 34%, "higher rates" = 28%, "financial event" = 18%, "weaker EPS" = 15%. The "smart money" also said that the best protectionist investment is one: gold.

RBC: "It Is Crazy What Is Going On 'Under The Hood' When On The Surface It’s So Optically Calm"

"For over the last month watching our portfolio grind higher it feels like 10- to 20- some bps on the majority of days, which seems kinda sleepy... but when I look at the individual names I am seeing HUGE moves daily.  Both books at times are riddled with many stocks seeing 2 and 3 standard deviation moves....it is CRAZY what is going on “under the hood,” when on the index level, it’s so optically calm."