'The Favorable Market Winds Of Summer Are Now Shifting': Goldman's Hedge Fund Honcho Sees Worsening Of Tactical Risk/Reward

Goldman Sachs head of hedge fund coverage, Tony Pasquariello, offers a short check-down of flows and positioning in US equities.

I’ll start with a preface:

the US equity market is both very large and very fragmented -- it involves a huge number of participants and a wide swath of trading/investment products.

In practice, it’s unproductive (if not impossible) to try and map out every shred of activity.