"Hedge funds sold global stocks at the fastest pace in 13 years in March"

1. Home prices. "The median home-sale price rose 2.1% from a year earlier during the four weeks ending March 29-the biggest uptick in a year."

2. Loan growth. "Loan growth at US commercial banks remains very strong, with no sign of a credit crunch emerging. We suspect banks may be stepping up to purchase private loans at attractive distressed prices."

3. AAII Allocation. This cohort reduced its allocation to stocks for the 4th consecutive month in March, while also trimming bonds and raising cash.

4. Households vs. equities. "Stocks as a % of household financial assets jumped to 52.2% in the fourth quarter of 2025. That is a new record."

5. Hedge fund flow. "Hedge funds sold global stocks at the fastest pace in 13 years in March ... The pace of selling was the second-largest since [Goldman] started collecting the data in 2011."

ICYMI