Relative Sentiment Investing with Ray Micaletti
Excess Returns
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Is There Any Impact on Institutional Positioning?
I think intuitively you think it would, right? You would think that institutions are moving their positions in a certain way. In fact, it's not always the case. What I tend to find is it's almost very binary. If institutions are bullish and then that bullishness starts coming down, it's still bullish until it crosses over into bearishness. It's very binary, very level driven, as opposed to changes. And so that's how I measure relative sentiment, the deviation from how they typically are a physician.
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