The CoverRisk.com data continues to say the overall collective bias of CR algorithms are up and that has not changed this year since February.
Macro strategies or star hedge fund managers have taking a beating again this year as stocks and bonds continue their march. Large single views of a market can have big pay offs but require little talent just longevity. Secular bull markets make money for investors but not as much as long/short absolute return strategies.
Overall I am a bear on stocks as a sporting view against an industry supporting notions of value based on p/e ratios, multiples, and cable business news mantras. But being a bear about the limits of promoted upside vs the algorithms which year over year pile up excess returns, I'll go with the algorithms. When the algorithms start being shorter than longer, then stocks will begin the trip lower.
