(Bloomberg) Active fund managers in the U.S. and Europe have slashed their equity holdings — giving some Wall Street players confidence stocks have further room to run. That may sound counter-intuitive at first. But the reasoning is based on a well-established fear dogging this long-lived bull market: crowding, or the risk the investing herd will exacerbate sell-offs when volatility erupts.
Hedge Funds Go Defensive, Mutuals Dump Stocks. And It’s All Good
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