Positioning Stretched, Macro Crosscurrents Build, Crypto Showing Relative Resilience
Feb 19, 2026
• 2
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Discussed in today's video:
Broader positioning remains extended. The latest Bank of America Fund Manager Survey shows cash allocations near historic lows, the second-lowest reading on record, while investor sentiment is the most stretched since mid-2021. While crypto positioning tends to clear more quickly than traditional markets, a broad de-grossing across equities and credit would likely spill over. Stress signals in private credit are worth monitoring. Blue Owl’s decision to continue gating withdrawals from a retail-focused private credit fund does not yet constitute systemic ri...
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