Assessment of U.S. asset managers as of today YTD. 1. passive Long only have zero returns and underperforming cash unless they hold assets which bet against USD, primarily gold but also foreign denominated assets and BTC 2. Leveraged long were forced out and are likely nursing losses and not taking much risk 3. Late shorts were likely forced out and are likely nursing losses and not making much risk. 4. Perma bears have likely experienced a huge profit and gave all or most back particularly if expressing their view via traditional doomer portfolios like long any point on the bond curve or long USD (gold bugs excepted) 5. Those who anticipated a slowdown and covered risk off trades in late March early April have made their year and can swing at fat pitches. 6. Except on twitter there are no investors who anticipated the slowdown and covered risk off trades in late March Early April and got max long and are long now. That said the few that did are having a historic year and are max flexible.