What hurt macro bears the most this year?

1) Ignoring MACRO data

2) Subscription sellers ( YC inversion = Short the market. Absolutely not. Market rallies 20%+ on Avg after YV inversion)

3) SVB (Liquidity came back & financial conditions eased)

4) AI (Well, nobody really saw that coming)

5) Financial engineering (Worst earnings quality in decades)

6) Fiscal spending (Near 10% deficit spending)

Now US NAAIM Exposure Index shows active managers have the highest allocation to equities since 2021. The chase is on!