A 3 Sigma Week: When Everyone Hit the Risk Button
A 3-sigma event should only happen 0.3% of the time
Here are this week’s top 10 quotes and they read like a checklist for late-cycle euphoria: CTAs re-lever, retail buys everything in sight, bears capitulate, and leverage hits cycle highs. If this is “cautious” positioning, imagine what full-blown mania will look like.