Pros Versus Amateurs

Is there a sentiment disparity between professional and individual investors into the summer equity rally? Maybe. On the professional side, we know discretionary cohorts were late to the party, but according to many positioning metrics, they've largely caught up to systematics. But "caught up" may be a misnomer. "Forced in" is probably better. Capitulation among professionals feels begrudging. Indeed, the term "capitulation" implies reluctance. Capitulation is usually a manifestation of exaspe