May 7, 2019

Thomas Lee sees plenty of "dry powder" on the sidelines

Retail investors have been selling stocks and buying bonds so far in 2019. And hedge fund net long positions are among the lowest levels in 5 years. Hence, only the long only funds are fully exposed to equities. With so much on the sidelines, markets near highs, and with manager underperformance, we see this dry powder as a key dynamic.

~ Thomas Lee, Fundstrat Global Advisors, from research note, May 6, 2019

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