高盛：2025年沉思录-宏观、微观与市场报告（中英版）

Institutional clients long gross risk and long hedge…which masks the micro length by reflecting less net exposure than you might expect for a world seeing all time highs everywhere. Retail long everything. CTA have got back to long but not overly. Hedge funds grossed up last week. To quote one colleague….investors are uncomfortably long… and at the same time wishing they had been longer. Clearly a statement of the obvious given year to date performance…but strangely apt for a year that has fe