Who’s Buying The Next Round?

I've suggested again and again over the past week or two that the fate of the newly-minted "bull market" (and I think it's advisable to keep the scare quotes on for now) depends in no small part on the extent to which discretionary investors are still under-positioned. Systematics did a lot of the heavy lifting earlier this year, but discretionary cohorts recently increased their own exposure to an equity rally some were clearly in danger of missing. If there's more catching up to do, that's go