Ain’t no bubble, ‘ere


The Market Ear with the latest positioning.

2 weeks of de-risking

Morgan Stanley’s prime brokerage desk reports that US L/S net leverage is at 54%, representing the 65th %-tile on the longer-term basis. Notably, the current level is materially off peaks seen two weeks prior (~60%). (MS PB)

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.