The Market Has A Problem: Nobody Is Long Enough
Still Not Long Enough
The chase is spreading. Tech is breaking higher with positioning still light, Korea remains aggressively under-owned, and retail is piling into gold miners. Yet the supposed epicenter of the AI bubble, Mag 7, is neither crowded nor expensive relative to history. Meanwhile, Brazil is moving the other way as politics increasingly takes over. Across tech and Korea, price has recovered much faster than positioning. That gap is where the next chase could come from.