"The probability of a drawdown is rising,” he said.
A flood of cash from passive equity positions should boost stocks in the second half of 2024.
After four weeks of selling, hedge funds last week piled into consumer discretionary stocks.
Healthcare saw the biggest inflows, the investment bank said.
Hedge funds were net buyers of the sector for a fourth straight week.
The firm is skimming some profits as Magnificent 7 stock returns start to diverge.
There is growing concern that an unpriced risk could knock the bull market off its feet.
The legacy firms, shunned in recent years, are now viewed as offering a valuation discount.
Money-losing tech companies that surged in 2020 fall this year.
This portfolio manager ignores the critics of Nvidia who say it's too expensive.
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