Bloomberg Surveillance · Wednesday, July 22, 2026
Max Kanner highlights that investor sentiment and positioning are reaching levels not seen since the 'reopening trade' of 2021. This peak bullishness, he suggests, is not a positive indicator for future market performance.
“The other thing that's clearly changed is sentiment and positioning.”
“When we look at our measure of particularly sentiment among long own the investors, that's now starting to push towards where we were during your reopening trade, that sort of peak bullishness in twenty twenty one, and that surely from a positioning, from a sentiment perspective, when everyone's getting so pulled up, is not a positive going forward.”