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Or, at least, out of fashion. TME.
The outcasts that nobody wants
Markets have an uncanny habit of punishing consensus. While investors continue chasing yesterday’s winners, positioning data reveal a surprisingly long list of sectors sitting near multi-year lows in ownership. These aren’t necessarily buys—but they’re where the fuel for future reversals may be building.
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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.
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