How Much Did Quants Buy Over The Last Six Months?
It's no secret that systematic flows can be a deciding factor for equities over short horizons. Still underappreciated, though, is the fact that the same investor cohorts can contribute to long-lived rallies too, where "long" just means months at a time, not "Buffett long." Indeed, when we talk about "stability breeding instability" in modern markets, we're almost always referring to some combination of systematic behavior. Recently, the disparity between systematic positioning and discretion