- Professional investors have the highest allocation to stocks since the tech bubble.
- Allocations to bonds have plunged from 25% to 15% since 2009.
- Allocations to cash of 15% are at record low levels.
- Margin debt is at all-time highs, 60% above levels during the dot.com boom and 25% above levels in 2007.
- Complacency and trust in the Federal Reserve is at all-time highs as the VIX shows no fear.
The market is nothing but HFT machines programmed by Russians to do the same thing at the same time based on the same criteria. It works great when the algorithms all say to buy. What happens when all the machines decide to sell at the same time? There are no human beings with common sense involved in the markets. It’s just greedy corrupt fucks and their supercomputers. The game is rigged, but when the music stops the scramble for the last chair will be one to remember. It will happen suddenly, with no warning.
“Can we say when it will end? No. Can we say that it will end? Yes. And when it ends and the trend reverses, here is what we can say for sure. Few will be ready. Few will be prepared.â€
 – Seth Klarman
