Insiders And Punch Bowl Minders

The A.I. frenzy belies caution beneath the surface in equities. Or so said Barclays analysts led by Emmanuel Cau. Key investor cohorts are neutral stocks, hedged on the downside, overweight cash and underweight cyclicals, the bank said, adding that thanks to still-low realized vol, systematics are the main buyers. The good news on the discretionary side is that cash overweights are "dry powder," so to speak, but as BofA's Michael Hartnett pointed out recently, your dry powder now pays you 5%,