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TME with the hilarity.
Still Not Long Enough
The chase is spreading. Tech is breaking higher with positioning still light, Korea remains aggressively under-owned, and retail is piling into gold miners. Yet the supposed epicenter of the AI bubble, Mag 7, is neither crowded nor expensive relative to history. Meanwhile, Brazil is moving the other way as politics increasingly takes over. Across tech and Korea, price has recovered much faster than positioning. That gap is where the next chase could come from.
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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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