Something odd is happening beneath the surface.
Goldman's Hedge Fund VIP basket—basically the stocks that smart money is crowding into—has completely detached from the equal-weighted $SPX. The gap is widening.
What does this mean? A handful of names are carrying the entire narrative while the median stock is getting left behind. Classic late-cycle behavior. Concentration risk dressed up as conviction.
When everyone's in the same trade, someone's holding the bag when the music stops. History doesn't repeat, but it definitely rhymes.
Pay attention to what's *not* working. That's where the real story lives.
Goldman's Hedge Fund VIP basket—basically the stocks that smart money is crowding into—has completely detached from the equal-weighted $SPX. The gap is widening.
What does this mean? A handful of names are carrying the entire narrative while the median stock is getting left behind. Classic late-cycle behavior. Concentration risk dressed up as conviction.
When everyone's in the same trade, someone's holding the bag when the music stops. History doesn't repeat, but it definitely rhymes.
Pay attention to what's *not* working. That's where the real story lives.
