"Buckle Up" - Goldman's Hedge Fund Honcho On Risk-Taking Into The Election

It’s clear from Goldman Sachs' franchise flows that the trading community has battened down the hatches and significantly reduced risk over recent weeks, according to Tony Pasquariello, Goldman's head of hedge fund coverage.

To illustrate the point using GS PB data:

gross portfolio exposure in the US market, carried by fundamental equity managers, is down to the lowest level since March of 2023.