Black Swans Everywhere: Hedge Fund Positions By Standard Deviation

There's been no shortage of commentary both in these pages and elsewhere about just how one-sided positioning has become around the Trump reflation narrative. In fact, it's all anyone cares to talk about. And that's not just my imagination. Nearly every piece of research coming out of the sellside contains some reference to the reflation trade. Between that, the incessant news coverage of the inauguration, and Trump's Twitter feed, I wonder if we haven't reached "peak Trump." Actually, God hel