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21.06.26 - 23:33
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The Market Is Carrying More Length & More Leverage: Goldman Flows Guru Warns... Expect More Volatilit (ZeroHedge)
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The Market Is Carrying More Length & More Leverage: Goldman Flows Guru Warns... Expect More Volatilit
The biggest discussion that top Goldman Sachs trader (and flows guru), Lee Coppersmith, had with clients this week wasn't whether AI is over - it wasn't.
The debate has shifted to how investors should own it from here.
If anything, the secular backdrop across both the US and Asia continues to strengthen. Capex expectations remain robust, earnings revisions continue to move higher, and we saw another week of significant inflows into US technology.
Prime Brokerage data tells the same story - Semis are on pace to finish as the most net bought global subsector for a second straight year, with net allocations now at record highs.
What's changing isn't the fundamental story - it's the market structure. leverage continues to build, and volatility across large-cap Tech continues to expand relative to the broader market even as prices move higher.
At the same time, global HF net leverage has climb...
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