What do you mean, “everyone”?
It’s tough to keep pushing the envelope on the long side, as we know pockets of momentum have become increasingly fleeting and narrow. However, and this is something we discuss almost every day on the video recap, the main blunder has been avoiding the big directional market short, and especially averaging down into that losing position as the rally has progressed.
If you ever had a market in which to be short-term tactical, agile, and open-minded, this would be it. As an example, a short squeeze play like SODA can work for longs, while GPS is rolling over.
And now the conventional wisdom seems to be that Goldman Sachs will rise in perpetuity.
