If this isn’t a rotation, you tell me what you’d like to call it

I’ve spent the last six weeks stabbing too-contrarian-for-their-own-good naysayers in the stomach with a sharpened umbrella over this Great Rotation thing. At this point, to be cranking out blog posts and articles denying its existence is embarrassing enough that I will stop now.

But I would like to call your attention to a chart from the other day that you may have missed. Matt Boesler, who is gradually becoming one of the top 3 contributors at Business Insider, posted this from BAML. The chart represents the results of a survey of 74 institutional fixed income managers from around the world. it turns out that while only 37% of them will admit to believing that a rotation is underway, a whopping 66% of them have sold completely out of their own holdings in US Treasurys.

talk about a case of “watch what they do, not what they say…”


These 74 managers are also at their first net-underweight the US Dollar since 2010.


Tons Of Fund Managers Have Already Dumped All Of Their US Treasuries (Business Insider)

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By the way, Dalio is in.  (TRB)

Aggressively Toe Dipping, LOL  (TRB)


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