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Last week I briefly mentioned in the weekly sentiment overview that aggregate hedge fund equity exposure was actually short.
Just a few weeks ago this metric from Carpenter Analytics dropped close to the low in 2004. But it has since recovered and is now just below the zero line again.
This is a tough indicator to interpret not only because it doesn’t seem to have a pattern, but also because it is difficult to know how accurate it is (since it is “reverse engineered” rather than compiled from source like a survey). In any case, I wanted to share it with you for what its worth.
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