Cleaner Stock Market Positioning Raises Risks of Gain Chasing

Investors have spent the summer bracing for trouble, and all that caution has created a problem of its own: the real pain trade now points up, regardless of volatility.

By Michael Msika and Jan-Patrick Barnert · Bloomberg Markets

Investors have spent the summer bracing for trouble, and all that caution has created a problem of its own: the real pain trade now points up, regardless of volatility.